Delaware
|
|
76-0568219
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
1100 Louisiana Street, 10th Floor
|
Houston, Texas 77002
|
(Address of Principal Executive Offices, including Zip Code)
|
|
(713) 381-6500
|
(Registrant’s Telephone Number, including Area Code)
|
Large accelerated filer
|
Accelerated filer
|
Non-accelerated filer (Do not check if a smaller reporting company)
|
Smaller reporting company
|
Emerging growth company
|
|
|
Page No.
|
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|
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June 30,
2017
|
December 31,
2016
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
28.6
|
$
|
63.1
|
||||
Restricted cash
|
35.4
|
354.5
|
||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $12.1 at June 30, 2017 and $11.3 at December 31, 2016
|
2,655.7
|
3,329.5
|
||||||
Accounts receivable – related parties
|
3.0
|
1.1
|
||||||
Inventories
|
1,604.3
|
1,770.5
|
||||||
Derivative assets (see Note 12)
|
70.0
|
541.4
|
||||||
Prepaid and other current assets
|
387.5
|
468.1
|
||||||
Total current assets
|
4,784.5
|
6,528.2
|
||||||
Property, plant and equipment, net
|
34,220.7
|
33,292.5
|
||||||
Investments in unconsolidated affiliates
|
2,661.3
|
2,677.3
|
||||||
Intangible assets, net of accumulated amortization of $1,483.9 at
June 30, 2017 and $1,403.1 at December 31, 2016 (see Note 6)
|
3,782.4
|
3,864.1
|
||||||
Goodwill (see Note 6)
|
5,745.2
|
5,745.2
|
||||||
Other assets
|
119.2
|
86.7
|
||||||
Total assets
|
$
|
51,313.3
|
$
|
52,194.0
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 7)
|
$
|
3,354.8
|
$
|
2,576.8
|
||||
Accounts payable – trade
|
674.4
|
397.7
|
||||||
Accounts payable – related parties
|
62.9
|
105.1
|
||||||
Accrued product payables
|
2,951.1
|
3,613.7
|
||||||
Accrued interest
|
339.9
|
340.8
|
||||||
Derivative liabilities (see Note 12)
|
48.9
|
737.7
|
||||||
Other current liabilities
|
386.6
|
478.7
|
||||||
Total current liabilities
|
7,818.6
|
8,250.5
|
||||||
Long-term debt (see Note 7)
|
20,026.5
|
21,120.9
|
||||||
Deferred tax liabilities
|
53.4
|
52.7
|
||||||
Other long-term liabilities
|
534.6
|
503.9
|
||||||
Commitments and contingencies (see Note 14)
|
||||||||
Equity: (see Note 8)
|
||||||||
Partners’ equity:
|
||||||||
Limited partners:
|
||||||||
Common units (2,148,035,389 units outstanding at June 30, 2017
and 2,117,588,414 units outstanding at December 31, 2016)
|
22,788.8
|
22,327.0
|
||||||
Accumulated other comprehensive loss
|
(128.7
|
)
|
(280.0
|
)
|
||||
Total partners’ equity
|
22,660.1
|
22,047.0
|
||||||
Noncontrolling interests
|
220.1
|
219.0
|
||||||
Total equity
|
22,880.2
|
22,266.0
|
||||||
Total liabilities and equity
|
$
|
51,313.3
|
$
|
52,194.0
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Revenues:
|
||||||||||||||||
Third parties
|
$
|
6,597.7
|
$
|
5,604.6
|
$
|
13,907.3
|
$
|
10,594.3
|
||||||||
Related parties
|
9.9
|
13.2
|
20.7
|
28.8
|
||||||||||||
Total revenues (see Note 9)
|
6,607.6
|
5,617.8
|
13,928.0
|
10,623.1
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
5,457.6
|
4,551.9
|
11,539.2
|
8,418.2
|
||||||||||||
Related parties
|
272.6
|
270.3
|
524.2
|
550.9
|
||||||||||||
Total operating costs and expenses
|
5,730.2
|
4,822.2
|
12,063.4
|
8,969.1
|
||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
16.0
|
6.6
|
36.7
|
20.9
|
||||||||||||
Related parties
|
29.7
|
28.5
|
59.4
|
58.1
|
||||||||||||
Total general and administrative costs
|
45.7
|
35.1
|
96.1
|
79.0
|
||||||||||||
Total costs and expenses (see Note 9)
|
5,775.9
|
4,857.3
|
12,159.5
|
9,048.1
|
||||||||||||
Equity in income of unconsolidated affiliates
|
107.0
|
76.4
|
201.8
|
177.5
|
||||||||||||
Operating income
|
938.7
|
836.9
|
1,970.3
|
1,752.5
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(245.8
|
)
|
(244.1
|
)
|
(495.1
|
)
|
(484.7
|
)
|
||||||||
Change in fair market value of Liquidity Option
Agreement (see Note 14)
|
(18.6
|
)
|
(23.3
|
)
|
(24.1
|
)
|
(21.1
|
)
|
||||||||
Other, net
|
0.4
|
0.4
|
0.6
|
1.8
|
||||||||||||
Total other expense, net
|
(264.0
|
)
|
(267.0
|
)
|
(518.6
|
)
|
(504.0
|
)
|
||||||||
Income before income taxes
|
674.7
|
569.9
|
1,451.7
|
1,248.5
|
||||||||||||
Benefit from (provision for) income taxes
|
(8.7
|
)
|
0.1
|
(14.7
|
)
|
(8.3
|
)
|
|||||||||
Net income
|
666.0
|
570.0
|
1,437.0
|
1,240.2
|
||||||||||||
Net income attributable to noncontrolling interests
|
(12.3
|
)
|
(11.5
|
)
|
(22.6
|
)
|
(20.5
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
653.7
|
$
|
558.5
|
$
|
1,414.4
|
$
|
1,219.7
|
||||||||
|
||||||||||||||||
Earnings per unit: (see Note 10)
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.30
|
$
|
0.27
|
$
|
0.66
|
$
|
0.59
|
||||||||
Diluted earnings per unit
|
$
|
0.30
|
$
|
0.27
|
$
|
0.66
|
$
|
0.59
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
666.0
|
$
|
570.0
|
$
|
1,437.0
|
$
|
1,240.2
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges:
|
||||||||||||||||
Commodity derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
30.4
|
(73.7
|
)
|
175.2
|
(74.9
|
)
|
||||||||||
Reclassification of losses (gains) to net income
|
(46.0
|
)
|
35.4
|
(38.9
|
)
|
(21.8
|
)
|
|||||||||
Interest rate derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
(6.9
|
)
|
(9.4
|
)
|
(4.5
|
)
|
(9.4
|
)
|
||||||||
Reclassification of losses to net income
|
10.0
|
9.2
|
19.6
|
18.4
|
||||||||||||
Total cash flow hedges
|
(12.5
|
)
|
(38.5
|
)
|
151.4
|
(87.7
|
)
|
|||||||||
Other
|
--
|
--
|
(0.1
|
)
|
(0.1
|
)
|
||||||||||
Total other comprehensive income (loss)
|
(12.5
|
)
|
(38.5
|
)
|
151.3
|
(87.8
|
)
|
|||||||||
Comprehensive income
|
653.5
|
531.5
|
1,588.3
|
1,152.4
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(12.3
|
)
|
(11.5
|
)
|
(22.6
|
)
|
(20.5
|
)
|
||||||||
Comprehensive income attributable to limited partners
|
$
|
641.2
|
$
|
520.0
|
$
|
1,565.7
|
$
|
1,131.9
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2017
|
2016
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
1,437.0
|
$
|
1,240.2
|
||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
808.8
|
763.4
|
||||||
Asset impairment and related charges (see Note 12)
|
25.2
|
22.3
|
||||||
Equity in income of unconsolidated affiliates
|
(201.8
|
)
|
(177.5
|
)
|
||||
Distributions received on earnings from unconsolidated affiliates
|
205.1
|
195.1
|
||||||
Net losses attributable to asset sales
|
--
|
6.6
|
||||||
Deferred income tax expense
|
0.7
|
4.3
|
||||||
Change in fair market value of derivative instruments
|
(43.9
|
)
|
68.3
|
|||||
Change in fair market value of Liquidity Option Agreement
|
24.1
|
21.1
|
||||||
Net effect of changes in operating accounts (see Note 15)
|
82.1
|
(294.6
|
)
|
|||||
Other operating activities
|
(2.4
|
)
|
(4.0
|
)
|
||||
Net cash flows provided by operating activities
|
2,334.9
|
1,845.2
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(1,142.7
|
)
|
(1,880.4
|
)
|
||||
Contributions in aid of construction costs
|
29.6
|
23.6
|
||||||
Decrease (increase) in restricted cash (see Note 2)
|
319.1
|
(356.7
|
)
|
|||||
Cash used for Azure acquisition (see Note 4)
|
(191.4
|
)
|
--
|
|||||
Investments in unconsolidated affiliates
|
(24.1
|
)
|
(92.4
|
)
|
||||
Distributions received for return of capital from unconsolidated affiliates
|
24.8
|
39.4
|
||||||
Proceeds from asset sales
|
3.2
|
27.9
|
||||||
Other investing activities
|
2.0
|
--
|
||||||
Cash used in investing activities
|
(979.5
|
)
|
(2,238.6
|
)
|
||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
33,307.8
|
33,235.3
|
||||||
Repayments of debt
|
(33,639.3
|
)
|
(32,986.7
|
)
|
||||
Debt issuance costs
|
--
|
(9.7
|
)
|
|||||
Cash distributions paid to limited partners (see Note 8)
|
(1,757.8
|
)
|
(1,610.5
|
)
|
||||
Cash payments made in connection with distribution equivalent rights
|
(7.2
|
)
|
(5.3
|
)
|
||||
Cash distributions paid to noncontrolling interests
|
(23.1
|
)
|
(20.8
|
)
|
||||
Cash contributions from noncontrolling interests
|
0.3
|
16.0
|
||||||
Net cash proceeds from the issuance of common units
|
757.2
|
1,888.3
|
||||||
Other financing activities
|
(27.8
|
)
|
(18.7
|
)
|
||||
Cash provided by (used in) financing activities
|
(1,389.9
|
)
|
487.9
|
|||||
Net change in cash and cash equivalents
|
(34.5
|
)
|
94.5
|
|||||
Cash and cash equivalents, January 1
|
63.1
|
19.0
|
||||||
Cash and cash equivalents, June 30
|
$
|
28.6
|
$
|
113.5
|
|
Partners’ Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, January 1, 2017
|
$
|
22,327.0
|
$
|
(280.0
|
)
|
$
|
219.0
|
$
|
22,266.0
|
|||||||
Net income
|
1,414.4
|
--
|
22.6
|
1,437.0
|
||||||||||||
Cash distributions paid to limited partners
|
(1,757.8
|
)
|
--
|
--
|
(1,757.8
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(7.2
|
)
|
--
|
--
|
(7.2
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(23.1
|
)
|
(23.1
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
0.3
|
0.3
|
||||||||||||
Net cash proceeds from the issuance of common units
|
757.2
|
--
|
--
|
757.2
|
||||||||||||
Common units issued in connection with employee compensation
|
33.7
|
--
|
--
|
33.7
|
||||||||||||
Amortization of fair value of equity-based awards
|
49.8
|
--
|
--
|
49.8
|
||||||||||||
Cash flow hedges
|
--
|
151.4
|
--
|
151.4
|
||||||||||||
Other
|
(28.3
|
)
|
(0.1
|
)
|
1.3
|
(27.1
|
)
|
|||||||||
Balance, June 30, 2017
|
$
|
22,788.8
|
$
|
(128.7
|
)
|
$
|
220.1
|
$
|
22,880.2
|
|
Partners’ Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, January 1, 2016
|
$
|
20,514.3
|
$
|
(219.2
|
)
|
$
|
206.0
|
$
|
20,501.1
|
|||||||
Net income
|
1,219.7
|
--
|
20.5
|
1,240.2
|
||||||||||||
Cash distributions paid to limited partners
|
(1,610.5
|
)
|
--
|
--
|
(1,610.5
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(5.3
|
)
|
--
|
--
|
(5.3
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(20.8
|
)
|
(20.8
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
16.0
|
16.0
|
||||||||||||
Net cash proceeds from the issuance of common units
|
1,888.3
|
--
|
--
|
1,888.3
|
||||||||||||
Amortization of fair value of equity-based awards
|
45.6
|
--
|
--
|
45.6
|
||||||||||||
Cash flow hedges
|
--
|
(87.7
|
)
|
--
|
(87.7
|
)
|
||||||||||
Other
|
(20.9
|
)
|
(0.1
|
)
|
--
|
(21.0
|
)
|
|||||||||
Balance, June 30, 2016
|
$
|
22,031.2
|
$
|
(307.0
|
)
|
$
|
221.7
|
$
|
21,945.9
|
|
June 30,
2017
|
December 31,
2016
|
||||||
NGLs
|
$
|
897.1
|
$
|
1,156.1
|
||||
Petrochemicals and refined products
|
377.4
|
220.7
|
||||||
Crude oil
|
313.2
|
360.0
|
||||||
Natural gas
|
16.6
|
33.7
|
||||||
Total
|
$
|
1,604.3
|
$
|
1,770.5
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Cost of sales (1)
|
$
|
4,731.1
|
$
|
3,838.7
|
$
|
10,066.8
|
$
|
7,047.0
|
||||||||
Lower of cost or net realizable value adjustments within cost of sales
|
2.6
|
0.8
|
6.0
|
6.1
|
||||||||||||
(1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
|
Estimated
Useful Life
in Years
|
June 30,
2017
|
December 31,
2016
|
|||||||||
Plants, pipelines and facilities (1)
|
3-45 (5)
|
|
$
|
35,785.9
|
$
|
35,124.6
|
||||||
Underground and other storage facilities (2)
|
5-40 (6)
|
|
3,388.4
|
3,326.9
|
||||||||
Transportation equipment (3)
|
3-10
|
172.1
|
165.8
|
|||||||||
Marine vessels (4)
|
15-30
|
800.5
|
800.7
|
|||||||||
Land
|
266.8
|
264.6
|
||||||||||
Construction in progress
|
4,101.9
|
3,320.7
|
||||||||||
Total
|
44,515.6
|
43,003.3
|
||||||||||
Less accumulated depreciation
|
10,294.9
|
9,710.8
|
||||||||||
Property, plant and equipment, net
|
$
|
34,220.7
|
$
|
33,292.5
|
||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
(6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Depreciation expense (1)
|
$
|
321.1
|
$
|
298.2
|
$
|
638.6
|
$
|
594.1
|
||||||||
Capitalized interest (2)
|
44.5
|
46.4
|
84.1
|
88.9
|
||||||||||||
(1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
|
Assets acquired in business combination:
|
||||
Current assets
|
$
|
3.1
|
||
Property, plant and equipment
|
194.2
|
|||
Total assets acquired
|
197.3
|
|||
Liabilities assumed in business combination:
|
||||
Current liabilities
|
1.4
|
|||
Long-term liabilities
|
4.5
|
|||
Total liabilities assumed
|
5.9
|
|||
Cash used for Azure acquisition
|
$
|
191.4
|
ARO liability balance, January 1, 2017
|
$
|
$ 85.4
|
||
Liabilities incurred
|
3.1
|
|||
Liabilities settled
|
(1.5
|
)
|
||
Revisions in estimated cash flows
|
(3.2
|
)
|
||
Accretion expense
|
2.8
|
|||
ARO liability balance, June 30, 2017
|
$
|
86.6
|
|
Ownership
Interest at
June 30,
2017
|
June 30,
2017
|
December 31,
2016
|
|||||||||
NGL Pipelines & Services:
|
||||||||||||
Venice Energy Service Company, L.L.C.
|
13.1%
|
|
$
|
25.9
|
$
|
24.8
|
||||||
K/D/S Promix, L.L.C.
|
50%
|
|
32.2
|
33.7
|
||||||||
Baton Rouge Fractionators LLC
|
32.2%
|
|
17.6
|
17.3
|
||||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50%
|
|
37.1
|
38.9
|
||||||||
Texas Express Pipeline LLC
|
35%
|
|
327.8
|
331.9
|
||||||||
Texas Express Gathering LLC
|
45%
|
|
36.5
|
35.8
|
||||||||
Front Range Pipeline LLC
|
33.3%
|
|
166.5
|
165.4
|
||||||||
Delaware Basin Gas Processing LLC
|
50%
|
|
108.2
|
102.6
|
||||||||
Crude Oil Pipelines & Services:
|
||||||||||||
Seaway Crude Pipeline Company LLC
|
50%
|
|
1,380.5
|
1,393.8
|
||||||||
Eagle Ford Pipeline LLC
|
50%
|
|
379.1
|
377.9
|
||||||||
Eagle Ford Terminals Corpus Christi LLC
|
50%
|
|
63.2
|
52.9
|
||||||||
Natural Gas Pipelines & Services:
|
||||||||||||
White River Hub, LLC
|
50%
|
|
21.3
|
21.7
|
||||||||
Petrochemical & Refined Products Services:
|
||||||||||||
Centennial Pipeline LLC
|
50%
|
|
60.7
|
62.3
|
||||||||
Other
|
Various
|
4.7
|
18.3
|
|||||||||
Total investments in unconsolidated affiliates
|
$
|
2,661.3
|
$
|
2,677.3
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
NGL Pipelines & Services
|
$
|
19.0
|
$
|
14.0
|
$
|
34.5
|
$
|
29.1
|
||||||||
Crude Oil Pipelines & Services
|
89.2
|
65.8
|
170.4
|
155.9
|
||||||||||||
Natural Gas Pipelines & Services
|
0.9
|
0.9
|
1.9
|
1.9
|
||||||||||||
Petrochemical & Refined Products Services
|
(2.1
|
)
|
(4.3
|
)
|
(5.0
|
)
|
(9.4
|
)
|
||||||||
Total
|
$
|
107.0
|
$
|
76.4
|
$
|
201.8
|
$
|
177.5
|
|
June 30,
2017
|
December 31,
2016
|
||||||
NGL Pipelines & Services
|
$
|
23.5
|
$
|
24.1
|
||||
Crude Oil Pipelines & Services
|
18.6
|
19.0
|
||||||
Petrochemical & Refined Products Services
|
1.9
|
2.1
|
||||||
Total
|
$
|
44.0
|
$
|
45.2
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Income Statement Data:
|
||||||||||||||||
Revenues
|
$
|
371.9
|
$
|
317.5
|
$
|
715.1
|
$
|
663.0
|
||||||||
Operating income
|
229.8
|
181.7
|
433.5
|
395.4
|
||||||||||||
Net income
|
237.6
|
178.3
|
440.5
|
393.5
|
|
June 30, 2017
|
December 31, 2016
|
||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
447.4
|
$
|
(180.0
|
)
|
$
|
267.4
|
$
|
447.4
|
$
|
(172.7
|
)
|
$
|
274.7
|
||||||||||
Contract-based intangibles
|
279.9
|
(211.7
|
)
|
68.2
|
279.9
|
(204.4
|
)
|
75.5
|
||||||||||||||||
Segment total
|
727.3
|
(391.7
|
)
|
335.6
|
727.3
|
(377.1
|
)
|
350.2
|
||||||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
2,203.5
|
(104.4
|
)
|
2,099.1
|
2,204.4
|
(84.5
|
)
|
2,119.9
|
||||||||||||||||
Contract-based intangibles
|
281.0
|
(146.5
|
)
|
134.5
|
281.0
|
(121.9
|
)
|
159.1
|
||||||||||||||||
Segment total
|
2,484.5
|
(250.9
|
)
|
2,233.6
|
2,485.4
|
(206.4
|
)
|
2,279.0
|
||||||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,350.3
|
(402.5
|
)
|
947.8
|
1,350.3
|
(390.0
|
)
|
960.3
|
||||||||||||||||
Contract-based intangibles
|
464.7
|
(375.0
|
)
|
89.7
|
464.7
|
(370.5
|
)
|
94.2
|
||||||||||||||||
Segment total
|
1,815.0
|
(777.5
|
)
|
1,037.5
|
1,815.0
|
(760.5
|
)
|
1,054.5
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
185.5
|
(46.9
|
)
|
138.6
|
185.5
|
(43.9
|
)
|
141.6
|
||||||||||||||||
Contract-based intangibles
|
54.0
|
(16.9
|
)
|
37.1
|
54.0
|
(15.2
|
)
|
38.8
|
||||||||||||||||
Segment total
|
239.5
|
(63.8
|
)
|
175.7
|
239.5
|
(59.1
|
)
|
180.4
|
||||||||||||||||
Total intangible assets
|
$
|
5,266.3
|
$
|
(1,483.9
|
)
|
$
|
3,782.4
|
$
|
5,267.2
|
$
|
(1,403.1
|
)
|
$
|
3,864.1
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
NGL Pipelines & Services
|
$
|
7.3
|
$
|
7.7
|
$
|
14.6
|
$
|
15.5
|
||||||||
Crude Oil Pipelines & Services
|
22.3
|
24.7
|
45.4
|
52.4
|
||||||||||||
Natural Gas Pipelines & Services
|
8.8
|
8.3
|
17.0
|
16.9
|
||||||||||||
Petrochemical & Refined Products Services
|
2.3
|
2.3
|
4.7
|
4.5
|
||||||||||||
Total
|
$
|
40.7
|
$
|
43.0
|
$
|
81.7
|
$
|
89.3
|
Remainder
of 2017
|
2018
|
2019
|
2020
|
2021
|
||||||||||||||
$
|
81.1
|
$
|
163.8
|
$
|
157.7
|
$
|
152.8
|
$
|
163.2
|
|
June 30,
2017
|
December 31,
2016
|
||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, variable-rates
|
$
|
1,455.2
|
$
|
1,777.2
|
||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0
|
800.0
|
||||||
364-Day Credit Agreement, variable-rate, due September 2017
|
--
|
--
|
||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7
|
349.7
|
||||||
Senior Notes OO, 1.65% fixed-rate, due May 2018
|
750.0
|
750.0
|
||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0
|
700.0
|
||||||
Senior Notes LL, 2.55% fixed-rate, due October 2019
|
800.0
|
800.0
|
||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0
|
500.0
|
||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0
|
1,000.0
|
||||||
Multi-Year Revolving Credit Facility, variable-rate, due September 2020
|
--
|
--
|
||||||
Senior Notes RR, 2.85% fixed-rate, due April 2021
|
575.0
|
575.0
|
||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022
|
650.0
|
650.0
|
||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250.0
|
1,250.0
|
||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024
|
850.0
|
850.0
|
||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025
|
1,150.0
|
1,150.0
|
||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026
|
875.0
|
875.0
|
||||||
Senior Notes SS, 3.95% fixed-rate, due February 2027
|
575.0
|
575.0
|
||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0
|
500.0
|
||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0
|
350.0
|
||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0
|
250.0
|
||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6
|
399.6
|
||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0
|
600.0
|
||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0
|
600.0
|
||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0
|
750.0
|
||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0
|
600.0
|
||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0
|
750.0
|
||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100.0
|
1,100.0
|
||||||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,400.0
|
1,400.0
|
||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045
|
1,150.0
|
1,150.0
|
||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046
|
975.0
|
975.0
|
||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054
|
400.0
|
400.0
|
||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018
|
0.3
|
0.3
|
||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4
|
0.4
|
||||||
Total principal amount of senior debt obligations
|
22,105.2
|
22,427.2
|
||||||
EPO Junior Subordinated Notes A, variable-rate, due August 2066 (1)
|
521.1
|
521.1
|
||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2)
|
256.4
|
256.4
|
||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3)
|
682.7
|
682.7
|
||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067
|
14.2
|
14.2
|
||||||
Total principal amount of senior and junior debt obligations
|
23,579.6
|
23,901.6
|
||||||
Other, non-principal amounts
|
(198.3
|
)
|
(203.9
|
)
|
||||
Less current maturities of debt
|
(3,354.8
|
)
|
(2,576.8
|
)
|
||||
Total long-term debt
|
$
|
20,026.5
|
$
|
21,120.9
|
||||
(1) Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%.
(2) Fixed rate of 7.000% through May 31, 2017 (i.e., first call date without a make-whole redemption premium); thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.778%.
(3) Fixed rate of 7.034% through January 15, 2018 (i.e., first call date without a make-whole redemption premium); thereafter, the rate will be the greater of 7.034% or a variable rate reset quarterly and based on 3-month LIBOR plus 2.680%.
|
|
Range of Interest
Rates Paid
|
Weighted-Average
Interest Rate Paid
|
Commercial Paper Notes
|
0.90% to 1.53%
|
1.20%
|
EPO Junior Subordinated Notes A
|
4.59% to 4.88%
|
4.76%
|
EPO Junior Subordinated Notes C
|
3.98%
|
3.98%
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
1,455.2
|
$
|
1,455.2
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Senior Notes
|
20,650.0
|
800.0
|
1,100.0
|
1,500.0
|
1,500.0
|
575.0
|
15,175.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,474.4
|
--
|
--
|
--
|
--
|
--
|
1,474.4
|
|||||||||||||||||||||
Total
|
$
|
23,579.6
|
$
|
2,255.2
|
$
|
1,100.0
|
$
|
1,500.0
|
$
|
1,500.0
|
$
|
575.0
|
$
|
16,649.4
|
Common
Units
(Unrestricted)
|
Restricted
Common
Units
|
Total
Common
Units
|
||||||||||
Number of units outstanding at January 1, 2017
|
2,116,906,120
|
682,294
|
2,117,588,414
|
|||||||||
Common units issued in connection with ATM program
|
20,857,006
|
--
|
20,857,006
|
|||||||||
Common units issued in connection with DRIP and EUPP
|
7,035,681
|
--
|
7,035,681
|
|||||||||
Common units issued in connection with the vesting of phantom unit awards
|
2,351,436
|
--
|
2,351,436
|
|||||||||
Common units issued in connection with the vesting of restricted common unit awards
|
668,470
|
(668,470
|
)
|
--
|
||||||||
Forfeiture of restricted common unit awards
|
--
|
(1,250
|
)
|
(1,250
|
)
|
|||||||
Cancellation of treasury units acquired in connection with the
vesting of equity-based awards
|
(986,686
|
)
|
--
|
(986,686
|
)
|
|||||||
Common units issued in connection with employee compensation
|
1,176,103
|
--
|
1,176,103
|
|||||||||
Other
|
14,685
|
--
|
14,685
|
|||||||||
Number of units outstanding at June 30, 2017
|
2,148,022,815
|
12,574
|
2,148,035,389
|
|
Gains (Losses) on
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Balance, January 1, 2017
|
$
|
(83.8
|
)
|
$
|
(199.8
|
)
|
$
|
3.6
|
$
|
(280.0
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
175.2
|
(4.5
|
)
|
(0.1
|
)
|
170.6
|
||||||||||
Amounts reclassified from accumulated other comprehensive loss (income)
|
(38.9
|
)
|
19.6
|
--
|
(19.3
|
)
|
||||||||||
Total other comprehensive income (loss)
|
136.3
|
15.1
|
(0.1
|
)
|
151.3
|
|||||||||||
Balance, June 30, 2017
|
$
|
52.5
|
$
|
(184.7
|
)
|
$
|
3.5
|
$
|
(128.7
|
)
|
|
Gains (Losses) on
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Balance, January 1, 2016
|
$
|
56.6
|
$
|
(279.5
|
)
|
$
|
3.7
|
$
|
(219.2
|
)
|
||||||
Other comprehensive loss before reclassifications
|
(74.9
|
)
|
(9.4
|
)
|
(0.1
|
)
|
(84.4
|
)
|
||||||||
Amounts reclassified from accumulated other comprehensive loss (income)
|
(21.8
|
)
|
18.4
|
--
|
(3.4
|
)
|
||||||||||
Total other comprehensive income (loss)
|
(96.7
|
)
|
9.0
|
(0.1
|
)
|
(87.8
|
)
|
|||||||||
Balance, June 30, 2016
|
$
|
(40.1
|
)
|
$
|
(270.5
|
)
|
$
|
3.6
|
$
|
(307.0
|
)
|
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
Location
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Losses (gains) on cash flow hedges:
|
|||||||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
10.0
|
$
|
9.2
|
$
|
19.6
|
$
|
18.4
|
||||||||
Commodity derivatives
|
Revenue
|
(46.0
|
)
|
34.2
|
(38.5
|
)
|
(24.6
|
)
|
|||||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
1.2
|
(0.4
|
)
|
2.8
|
|||||||||||
Total
|
|
$
|
(36.0
|
)
|
$
|
44.6
|
$
|
(19.3
|
)
|
$
|
(3.4
|
)
|
|
Distribution Per
Common Unit
|
Record
Date
|
Payment
Date
|
|||
2016
|
||||||
1st Quarter
|
$
|
0.3950
|
4/29/2016
|
5/6/2016
|
||
2nd Quarter
|
$
|
0.4000
|
7/29/2016
|
8/5/2016
|
||
2017
|
|
|
||||
1st Quarter
|
$
|
0.4150
|
4/28/2017
|
5/8/2017
|
||
2nd Quarter
|
$
|
0.4200
|
7/31/2017
|
8/7/2017
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Income before income taxes
|
$
|
674.7
|
$
|
569.9
|
$
|
1,451.7
|
$
|
1,248.5
|
||||||||
Add total other expense, net
|
264.0
|
267.0
|
518.6
|
504.0
|
||||||||||||
Operating income
|
938.7
|
836.9
|
1,970.3
|
1,752.5
|
||||||||||||
Adjustments to reconcile operating income to total gross operating margin:
|
||||||||||||||||
Add depreciation, amortization and accretion expense in operating costs and expenses
|
379.2
|
360.3
|
755.4
|
718.5
|
||||||||||||
Add asset impairment and related charges in operating costs and expenses
|
14.0
|
20.2
|
25.2
|
21.9
|
||||||||||||
Add net losses attributable to asset sales in operating costs and expenses
|
0.3
|
1.7
|
--
|
6.6
|
||||||||||||
Add general and administrative costs
|
45.7
|
35.1
|
96.1
|
79.0
|
||||||||||||
Adjustments for make-up rights on certain new pipeline projects:
|
||||||||||||||||
Add non-refundable payments received from shippers attributable to make-up rights (1)
|
8.3
|
1.8
|
21.6
|
8.9
|
||||||||||||
Subtract the subsequent recognition of revenues attributable to make-up rights (2)
|
(6.8
|
)
|
(6.6
|
)
|
(15.9
|
)
|
(19.5
|
)
|
||||||||
Total segment gross operating margin
|
$
|
1,379.4
|
$
|
1,249.4
|
$
|
2,852.7
|
$
|
2,567.9
|
||||||||
(1) Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(2) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
759.9
|
$
|
719.1
|
$
|
1,615.9
|
$
|
1,502.8
|
||||||||
Crude Oil Pipelines & Services
|
236.7
|
177.4
|
501.3
|
379.7
|
||||||||||||
Natural Gas Pipelines & Services
|
194.4
|
177.4
|
365.3
|
355.1
|
||||||||||||
Petrochemical & Refined Products Services
|
188.4
|
175.5
|
370.2
|
330.3
|
||||||||||||
Total segment gross operating margin
|
$
|
1,379.4
|
$
|
1,249.4
|
$
|
2,852.7
|
$
|
2,567.9
|
|
Reportable Business Segments
|
|||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined Products Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||
Three months ended June 30, 2017
|
$
|
2,617.8
|
$
|
1,895.8
|
$
|
782.9
|
$
|
1,301.2
|
$
|
--
|
$
|
6,597.7
|
||||||||||||
Three months ended June 30, 2016
|
2,512.7
|
1,651.4
|
533.9
|
906.6
|
--
|
5,604.6
|
||||||||||||||||||
Six months ended June 30, 2017
|
5,960.8
|
3,698.4
|
1,540.7
|
2,707.4
|
--
|
13,907.3
|
||||||||||||||||||
Six months ended June 30, 2016
|
4,914.7
|
2,928.9
|
1,081.2
|
1,669.5
|
--
|
10,594.3
|
||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||
Three months ended June 30, 2017
|
2.8
|
3.8
|
3.3
|
--
|
--
|
9.9
|
||||||||||||||||||
Three months ended June 30, 2016
|
2.8
|
8.6
|
1.8
|
--
|
--
|
13.2
|
||||||||||||||||||
Six months ended June 30, 2017
|
5.6
|
8.4
|
6.7
|
--
|
--
|
20.7
|
||||||||||||||||||
Six months ended June 30, 2016
|
4.6
|
19.7
|
4.5
|
--
|
--
|
28.8
|
||||||||||||||||||
Intersegment and intrasegment revenues:
|
||||||||||||||||||||||||
Three months ended June 30, 2017
|
5,642.1
|
3,383.7
|
220.6
|
389.7
|
(9,636.1
|
)
|
--
|
|||||||||||||||||
Three months ended June 30, 2016
|
4,880.8
|
2,445.7
|
146.9
|
307.7
|
(7,781.1
|
)
|
--
|
|||||||||||||||||
Six months ended June 30, 2017
|
14,516.9
|
6,857.7
|
415.1
|
804.4
|
(22,594.1
|
)
|
--
|
|||||||||||||||||
Six months ended June 30, 2016
|
8,055.6
|
3,945.1
|
271.6
|
550.4
|
(12,822.7
|
)
|
--
|
|||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||
Three months ended June 30, 2017
|
8,262.7
|
5,283.3
|
1,006.8
|
1,690.9
|
(9,636.1
|
)
|
6,607.6
|
|||||||||||||||||
Three months ended June 30, 2016
|
7,396.3
|
4,105.7
|
682.6
|
1,214.3
|
(7,781.1
|
)
|
5,617.8
|
|||||||||||||||||
Six months ended June 30, 2017
|
20,483.3
|
10,564.5
|
1,962.5
|
3,511.8
|
(22,594.1
|
)
|
13,928.0
|
|||||||||||||||||
Six months ended June 30, 2016
|
12,974.9
|
6,893.7
|
1,357.3
|
2,219.9
|
(12,822.7
|
)
|
10,623.1
|
|||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||
Three months ended June 30, 2017
|
19.0
|
89.2
|
0.9
|
(2.1
|
)
|
--
|
107.0
|
|||||||||||||||||
Three months ended June 30, 2016
|
14.0
|
65.8
|
0.9
|
(4.3
|
)
|
--
|
76.4
|
|||||||||||||||||
Six months ended June 30, 2017
|
34.5
|
170.4
|
1.9
|
(5.0
|
)
|
--
|
201.8
|
|||||||||||||||||
Six months ended June 30, 2016
|
29.1
|
155.9
|
1.9
|
(9.4
|
)
|
--
|
177.5
|
|
Reportable Business Segments
|
|||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined Products Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
||||||||||||||||||
Property, plant and equipment, net:
(see Note 4)
|
||||||||||||||||||||||||
At June 30, 2017
|
$
|
14,125.8
|
$
|
4,355.1
|
$
|
8,297.2
|
$
|
3,340.7
|
$
|
4,101.9
|
$
|
34,220.7
|
||||||||||||
At December 31, 2016
|
14,091.5
|
4,216.1
|
8,403.0
|
3,261.2
|
3,320.7
|
33,292.5
|
||||||||||||||||||
Investments in unconsolidated affiliates:
(see Note 5)
|
||||||||||||||||||||||||
At June 30, 2017
|
751.8
|
1,822.8
|
21.3
|
65.4
|
--
|
2,661.3
|
||||||||||||||||||
At December 31, 2016
|
750.4
|
1,824.6
|
21.7
|
80.6
|
--
|
2,677.3
|
||||||||||||||||||
Intangible assets, net: (see Note 6)
|
||||||||||||||||||||||||
At June 30, 2017
|
335.6
|
2,233.6
|
1,037.5
|
175.7
|
--
|
3,782.4
|
||||||||||||||||||
At December 31, 2016
|
350.2
|
2,279.0
|
1,054.5
|
180.4
|
--
|
3,864.1
|
||||||||||||||||||
Goodwill: (see Note 6)
|
||||||||||||||||||||||||
At June 30, 2017
|
2,651.7
|
1,841.0
|
296.3
|
956.2
|
--
|
5,745.2
|
||||||||||||||||||
At December 31, 2016
|
2,651.7
|
1,841.0
|
296.3
|
956.2
|
--
|
5,745.2
|
||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||
At June 30, 2017
|
17,864.9
|
10,252.5
|
9,652.3
|
4,538.0
|
4,101.9
|
46,409.6
|
||||||||||||||||||
At December 31, 2016
|
17,843.8
|
10,160.7
|
9,775.5
|
4,478.4
|
3,320.7
|
45,579.1
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
2,158.0
|
$
|
2,060.4
|
$
|
5,045.2
|
$
|
4,003.9
|
||||||||
Midstream services
|
462.6
|
455.1
|
921.2
|
915.4
|
||||||||||||
Total
|
2,620.6
|
2,515.5
|
5,966.4
|
4,919.3
|
||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
1,705.1
|
1,482.2
|
3,323.7
|
2,603.3
|
||||||||||||
Midstream services
|
194.5
|
177.8
|
383.1
|
345.3
|
||||||||||||
Total
|
1,899.6
|
1,660.0
|
3,706.8
|
2,948.6
|
||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
560.6
|
305.7
|
1,104.6
|
620.7
|
||||||||||||
Midstream services
|
225.6
|
230.0
|
442.8
|
465.0
|
||||||||||||
Total
|
786.2
|
535.7
|
1,547.4
|
1,085.7
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,114.1
|
713.4
|
2,325.2
|
1,266.6
|
||||||||||||
Midstream services
|
187.1
|
193.2
|
382.2
|
402.9
|
||||||||||||
Total
|
1,301.2
|
906.6
|
2,707.4
|
1,669.5
|
||||||||||||
Total consolidated revenues
|
$
|
6,607.6
|
$
|
5,617.8
|
$
|
13,928.0
|
$
|
10,623.1
|
||||||||
|
||||||||||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
$
|
4,731.1
|
$
|
3,838.7
|
$
|
10,066.8
|
$
|
7,047.0
|
||||||||
Other operating costs and expenses (1)
|
605.6
|
601.3
|
1,216.0
|
1,175.1
|
||||||||||||
Depreciation, amortization and accretion
|
379.2
|
360.3
|
755.4
|
718.5
|
||||||||||||
Asset impairment and related charges
|
14.0
|
20.2
|
25.2
|
21.9
|
||||||||||||
Net losses attributable to asset sales
|
0.3
|
1.7
|
--
|
6.6
|
||||||||||||
General and administrative costs
|
45.7
|
35.1
|
96.1
|
79.0
|
||||||||||||
Total consolidated costs and expenses
|
$
|
5,775.9
|
$
|
4,857.3
|
$
|
12,159.5
|
$
|
9,048.1
|
||||||||
(1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
653.7
|
$
|
558.5
|
$
|
1,414.4
|
$
|
1,219.7
|
||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1)
|
(4.0
|
)
|
(3.3
|
)
|
(8.0
|
)
|
(6.5
|
)
|
||||||||
Net income available to common unitholders
|
$
|
649.7
|
$
|
555.2
|
$
|
1,406.4
|
$
|
1,213.2
|
||||||||
|
||||||||||||||||
Basic weighted-average number of common units outstanding
|
2,144.7
|
2,085.1
|
2,135.5
|
2,059.3
|
||||||||||||
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.30
|
$
|
0.27
|
$
|
0.66
|
$
|
0.59
|
||||||||
|
||||||||||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
653.7
|
$
|
558.5
|
$
|
1,414.4
|
$
|
1,219.7
|
||||||||
|
||||||||||||||||
Diluted weighted-average number of units outstanding:
|
||||||||||||||||
Distribution-bearing common units
|
2,144.7
|
2,085.1
|
2,135.5
|
2,059.3
|
||||||||||||
Phantom units (1)
|
9.6
|
8.1
|
9.2
|
7.5
|
||||||||||||
Total
|
2,154.3
|
2,093.2
|
2,144.7
|
2,066.8
|
||||||||||||
|
||||||||||||||||
Diluted earnings per unit
|
$
|
0.30
|
$
|
0.27
|
$
|
0.66
|
$
|
0.59
|
||||||||
(1) Each phantom unit award includes a distribution equivalent right (“DER”), which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Equity-classified awards:
|
||||||||||||||||
Phantom unit awards
|
$
|
23.5
|
$
|
19.3
|
$
|
46.3
|
$
|
38.7
|
||||||||
Restricted common unit awards
|
--
|
0.7
|
0.5
|
2.9
|
||||||||||||
Profits interest awards
|
1.6
|
1.6
|
3.1
|
2.3
|
||||||||||||
Liability-classified awards
|
--
|
0.2
|
0.2
|
0.3
|
||||||||||||
Total
|
$
|
25.1
|
$
|
21.8
|
$
|
50.1
|
$
|
44.2
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Phantom unit awards at January 1, 2017
|
7,767,501
|
$
|
27.20
|
|||||
Granted (2)
|
4,224,680
|
$
|
28.86
|
|||||
Vested
|
(2,355,937
|
)
|
$
|
28.32
|
||||
Forfeited
|
(107,145
|
)
|
$
|
27.74
|
||||
Phantom unit awards at June 30, 2017
|
9,529,099
|
$
|
27.66
|
|||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2) The aggregate grant date fair value of phantom unit awards issued during 2017 was $121.9 million based on a grant date market price of our common units ranging from $26.40 to $28.87 per unit. An estimated annual forfeiture rate of 3.8% was applied to these awards.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Cash payments made in connection with DERs
|
$
|
4.0
|
$
|
3.3
|
$
|
7.2
|
$
|
5.3
|
||||||||
Total intrinsic value of phantom unit awards that vested during period
|
3.1
|
0.8
|
66.3
|
37.1
|
Employee
Partnership
|
Enterprise
Common Units
owned by
Employee
Partnership
|
Class A
Capital
Base (1)
|
Class A
Preference
Return (2)
|
Expected
Liquidation
Date
|
Estimated
Grant Date
Fair Value of
Profits Interest
Awards (3)
|
Unrecognized
Compensation
Cost (4)
|
|||
PubCo I
|
2,723,052 units
|
$63.7 million
|
$
|
0.39
|
Feb. 2020
|
$13.2 million
|
$8.8 million
|
||
PubCo II
|
2,834,198 units
|
$66.3 million
|
$
|
0.39
|
Feb. 2021
|
$14.7 million
|
$10.8 million
|
||
PubCo III
|
105,000 units
|
$2.5 million
|
$
|
0.39
|
Apr. 2020
|
$0.6 million
|
$0.2 million
|
||
PrivCo I
|
1,111,438 units
|
$26.0 million
|
$
|
0.39
|
Feb. 2021
|
$5.8 million
|
$0.9 million
|
||
(1) Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date.
(2) Each quarter, the Class A limited partner in each Employee Partnership is paid a cash distribution equal to the product of (i) the number of common units owned by the Employee Partnership and (ii) the Class A Preference Return of $0.39 per unit (subject to equitable adjustment in order to reflect any equity split, equity distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting such common units). To the extent that the Employee Partnership has cash remaining after making this quarterly payment to the Class A limited partner, the residual cash is distributed to the Class B limited partners on a quarterly basis.
(3) Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates.
(4) Represents our expected share of the unrecognized compensation cost at June 30, 2017. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 2.6 years, 3.6 years, 2.8 years and 3.6 years, respectively.
|
Expected
|
Risk-Free
|
Expected
|
Expected Unit
|
|
Employee
|
Life
|
Interest
|
Distribution
|
Price
|
Partnership
|
of Award
|
Rate
|
Yield
|
Volatility
|
PubCo I
|
4.0 years
|
0.9% to 1.1%
|
6.2% to 6.8%
|
29% to 40%
|
PubCo II
|
5.0 years
|
1.1% to 1.7%
|
6.1% to 6.8%
|
27% to 40%
|
PubCo III
|
4.0 years
|
1.0% to 1.4%
|
6.1% to 6.2%
|
31% to 40%
|
PrivCo I
|
5.0 years
|
1.2% to 1.6%
|
6.1% to 6.7%
|
28% to 40%
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Restricted common units at January 1, 2017
|
682,294
|
$
|
28.61
|
|||||
Vested
|
(668,470
|
)
|
$
|
28.56
|
||||
Forfeited
|
(1,250
|
)
|
$
|
31.07
|
||||
Restricted common units at June 30, 2017
|
12,574
|
$
|
30.92
|
|||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Cash distributions paid to restricted common unitholders
|
$
|
--
|
$
|
0.3
|
$
|
0.3
|
$
|
1.1
|
||||||||
Total intrinsic value of restricted common unit awards that vested during period
|
0.1
|
0.5
|
18.6
|
27.3
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes OO
|
10 fixed-to-floating swaps
|
$
|
750.0
|
5/2015 to 5/2018
|
1.65% to 1.66%
|
Fair value hedge
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Expected
Settlement
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
|||
Future long-term debt offering
|
4 forward starting swaps
|
$
|
275.0
|
5/2018 | 2.02% |
Cash flow hedge
|
|
The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices through the use of derivative instruments and related contracts.
|
|
The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing fixed-price sales for a portion of our expected equity NGL production using derivative instruments and related contracts. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged using derivative instruments and related contracts.
|
|
The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of derivative instruments and related contracts.
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
16.4
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (MMBbls)
|
2.3
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Forecasted purchases of natural gas for fuel (Bcf)
|
3.0
|
n/a
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
3.5
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
70.4
|
0.1
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
85.3
|
0.9
|
Cash flow hedge
|
NGLs inventory management activities (MMBbls)
|
1.4
|
n/a
|
Fair value hedge
|
Refined products marketing:
|
|
||
Forecasted sales of refined products (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
4.8
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
7.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
12.7
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (Bcf) (3,4)
|
169.2
|
20.4
|
Mark-to-market
|
NGL risk management activities (MMBbls) (4)
|
9.7
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
35.3
|
17.5
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2018, December 2017 and March 2020, respectively.
(3) Current and long-term volumes include 61.0 Bcf and 9.3 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||||
|
June 30, 2017
|
December 31, 2016
|
June 30, 2017
|
December 31, 2016
|
||||||||||||||||||
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
||||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||||
Interest rate derivatives
|
Current assets
|
$
|
31.7
|
Current assets
|
$
|
0.3
|
Current
liabilities
|
$
|
1.6
|
Current
liabilities
|
$
|
0.2
|
||||||||||
Interest rate derivatives
|
Other assets
|
--
|
Other assets
|
36.2
|
Other liabilities
|
--
|
Other liabilities
|
0.9
|
||||||||||||||
Total interest rate derivatives
|
31.7
|
36.5
|
1.6
|
1.1
|
||||||||||||||||||
Commodity derivatives
|
Current assets
|
35.2
|
Current assets
|
499.2
|
Current
liabilities
|
37.0
|
Current
liabilities
|
662.0
|
||||||||||||||
Commodity derivatives
|
Other assets
|
0.1
|
Other assets
|
--
|
Other liabilities
|
--
|
Other liabilities
|
--
|
||||||||||||||
Total commodity derivatives
|
|
35.3
|
|
499.2
|
|
37.0
|
|
662.0
|
||||||||||||||
Total derivatives designated as hedging instruments
|
$
|
67.0
|
$
|
535.7
|
$
|
38.6
|
$
|
663.1
|
||||||||||||||
|
|
|
|
|||||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||||
Commodity derivatives
|
Current assets
|
$
|
3.1
|
Current assets
|
$
|
41.9
|
Current
liabilities
|
$
|
10.3
|
Current
liabilities
|
$
|
75.6
|
||||||||||
Commodity derivatives
|
Other assets
|
2.5
|
Other assets
|
0.3
|
Other liabilities
|
1.6
|
Other liabilities
|
1.8
|
||||||||||||||
Total commodity derivatives
|
|
$
|
5.6
|
|
$
|
42.2
|
|
$
|
11.9
|
|
$
|
77.4
|
|
Offsetting of Financial Assets and Derivative Assets
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
||||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of June 30, 2017:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
31.7
|
$
|
--
|
$
|
31.7
|
$
|
(0.5
|
)
|
$
|
--
|
$
|
--
|
$
|
31.2
|
|||||||||||||
Commodity derivatives
|
40.9
|
--
|
40.9
|
(40.2
|
)
|
--
|
--
|
0.7
|
||||||||||||||||||||
As of December 31, 2016:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
36.5
|
$
|
--
|
$
|
36.5
|
$
|
(0.2
|
)
|
$
|
--
|
$
|
--
|
$
|
36.3
|
|||||||||||||
Commodity derivatives
|
541.4
|
--
|
541.4
|
(526.8
|
)
|
--
|
--
|
14.6
|
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
||||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of June 30, 2017:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
1.6
|
$
|
--
|
$
|
1.6
|
$
|
(0.5
|
)
|
$
|
--
|
$
|
--
|
$
|
1.1
|
|||||||||||||
Commodity derivatives
|
48.9
|
--
|
48.9
|
(40.2
|
)
|
--
|
(7.7
|
)
|
1.0
|
|||||||||||||||||||
As of December 31, 2016:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
1.1
|
$
|
--
|
$
|
1.1
|
$
|
(0.2
|
)
|
$
|
--
|
$
|
--
|
$
|
0.9
|
|||||||||||||
Commodity derivatives
|
739.4
|
--
|
739.4
|
(526.8
|
)
|
--
|
(212.4
|
)
|
0.2
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
0.4
|
$
|
1.2
|
$
|
(0.5
|
)
|
$
|
7.3
|
|||||||
Commodity derivatives
|
Revenue
|
18.8
|
(63.0
|
)
|
37.6
|
(82.0
|
)
|
||||||||||
Total
|
|
$
|
19.2
|
$
|
(61.8
|
)
|
$
|
37.1
|
$
|
(74.7
|
)
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(0.3
|
)
|
$
|
(1.3
|
)
|
$
|
0.6
|
$
|
(7.5
|
)
|
|||||
Commodity derivatives
|
Revenue
|
(16.3
|
)
|
51.0
|
(28.7
|
)
|
79.0
|
||||||||||
Total
|
|
$
|
(16.6
|
)
|
$
|
49.7
|
$
|
(28.1
|
)
|
$
|
71.5
|
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income (Loss)
on Derivative (Effective Portion)
|
|||||||||||||||
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Interest rate derivatives
|
$
|
(6.9
|
)
|
$
|
(9.4
|
)
|
$
|
(4.5
|
)
|
$
|
(9.4
|
)
|
||||
Commodity derivatives – Revenue (1)
|
31.4
|
(80.5
|
)
|
179.0
|
(77.2
|
)
|
||||||||||
Commodity derivatives – Operating costs and expenses (1)
|
(1.0
|
)
|
6.8
|
(3.8
|
)
|
2.3
|
||||||||||
Total
|
$
|
23.5
|
$
|
(83.1
|
)
|
$
|
170.7
|
$
|
(84.3
|
)
|
||||||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate.
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income (Loss)
to Income (Effective Portion)
|
|||||||||||||||
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(10.0
|
)
|
$
|
(9.2
|
)
|
$
|
(19.6
|
)
|
$
|
(18.4
|
)
|
||||
Commodity derivatives
|
Revenue
|
46.0
|
(34.2
|
)
|
38.5
|
24.6
|
|||||||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
(1.2
|
)
|
0.4
|
(2.8
|
)
|
||||||||||
Total
|
|
$
|
36.0
|
$
|
(44.6
|
)
|
$
|
19.3
|
$
|
3.4
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in Income
on Derivative (Ineffective Portion)
|
|||||||||||||||
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Commodity derivatives
|
Operating costs and expenses
|
$
|
(0.1
|
)
|
$
|
--
|
$
|
(1.1
|
)
|
$
|
--
|
||||||
Total
|
|
$
|
(0.1
|
)
|
$
|
--
|
$
|
(1.1
|
)
|
$
|
--
|
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Commodity derivatives
|
Revenue
|
$
|
18.7
|
$
|
(45.3
|
)
|
$
|
34.4
|
$
|
(46.6
|
)
|
||||||
Commodity derivatives
|
Operating costs and expenses
|
(0.8
|
)
|
(0.1
|
)
|
3.7
|
--
|
||||||||||
Total
|
|
$
|
17.9
|
$
|
(45.4
|
)
|
$
|
38.1
|
$
|
(46.6
|
)
|
|
June 30, 2017
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
31.7
|
$
|
--
|
$
|
31.7
|
||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
29.5
|
147.9
|
0.5
|
177.9
|
||||||||||||
Impact of CME Rule 814 change
|
(29.5
|
)
|
(107.5
|
)
|
--
|
(137.0
|
)
|
|||||||||
Total commodity derivatives
|
--
|
40.4
|
0.5
|
40.9
|
||||||||||||
Total financial assets
|
$
|
--
|
$
|
72.1
|
$
|
0.5
|
$
|
72.6
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement
|
$
|
--
|
$
|
--
|
$
|
293.7
|
$
|
293.7
|
||||||||
Interest rate derivatives
|
--
|
1.6
|
--
|
1.6
|
||||||||||||
Commodity derivatives:
|
||||||||||||||||
Value before application of CME Rule 814
|
9.8
|
134.2
|
0.3
|
144.3
|
||||||||||||
Impact of CME Rule 814 change
|
(9.8
|
)
|
(85.6
|
)
|
--
|
(95.4
|
)
|
|||||||||
Total commodity derivatives
|
--
|
48.6
|
0.3
|
48.9
|
||||||||||||
Total financial liabilities
|
$
|
--
|
$
|
50.2
|
$
|
294.0
|
$
|
344.2
|
|
December 31, 2016
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
36.5
|
$
|
--
|
$
|
36.5
|
||||||||
Commodity derivatives
|
84.5
|
455.2
|
1.7
|
541.4
|
||||||||||||
Total financial assets
|
$
|
84.5
|
$
|
491.7
|
$
|
1.7
|
$
|
577.9
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement
|
$
|
--
|
$
|
--
|
$
|
269.6
|
$
|
269.6
|
||||||||
Interest rate derivatives
|
--
|
1.1
|
--
|
1.1
|
||||||||||||
Commodity derivatives
|
136.8
|
602.3
|
0.3
|
739.4
|
||||||||||||
Total financial liabilities
|
$
|
136.8
|
$
|
603.4
|
$
|
269.9
|
$
|
1,010.1
|
|
|
For the Six Months
Ended June 30,
|
|||||||
|
Location
|
2017
|
2016
|
||||||
Financial liability balance, net, January 1
|
|
$
|
(268.2
|
)
|
$
|
(246.7
|
)
|
||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
0.7
|
0.7
|
||||||
Net income
|
Other expense, net
|
(5.5
|
)
|
2.2
|
|||||
Other comprehensive income (loss)
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
--
|
1.5
|
||||||
Settlements
|
Revenue
|
(1.4
|
)
|
(0.1
|
)
|
||||
Transfers out of Level 3
|
--
|
0.1
|
|||||||
Financial liability balance, net, March 31
|
|
(274.4
|
)
|
(242.3
|
)
|
||||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
0.1
|
--
|
||||||
Net income
|
Other expense, net
|
(18.6
|
)
|
(23.3
|
)
|
||||
Other comprehensive income (loss)
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
0.1
|
2.0
|
||||||
Settlements
|
Revenue
|
(0.7
|
)
|
(0.1
|
)
|
||||
Transfers out of Level 3
|
--
|
--
|
|||||||
Financial liability balance, net, June 30
|
|
$
|
(293.5
|
)
|
$
|
(263.7
|
)
|
||
(1) There were unrealized losses of $0.7 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. There were unrealized losses of $0.1 million and unrealized gains of $0.5 million included in these amounts for the three and six months ended June 30, 2016, respectively.
|
|
Fair Value
|
|
|
|
|||||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
||||||
Commodity derivatives – Crude oil
|
$
|
0.3
|
$
|
0.2
|
Discounted cash flow
|
Forward commodity prices
|
$44.84-$47.60/barrel
|
||||
Commodity derivatives – Ethane
|
0.2
|
0.1
|
Discounted cash flow
|
Forward commodity prices
|
$0.26-$0.32/gallon
|
||||||
Total
|
$
|
0.5
|
$
|
0.3
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
NGL Pipelines & Services
|
$
|
2.8
|
$
|
2.1
|
$
|
3.0
|
$
|
2.4
|
||||||||
Crude Oil Pipelines & Services
|
0.6
|
0.7
|
0.6
|
0.9
|
||||||||||||
Natural Gas Pipelines & Services
|
9.7
|
9.7
|
9.9
|
9.7
|
||||||||||||
Petrochemical & Refined Products Services
|
--
|
0.9
|
--
|
1.0
|
||||||||||||
Total
|
$
|
13.1
|
$
|
13.4
|
$
|
13.5
|
$
|
14.0
|
|
Fair Value Measurements
at the End of the Reporting Period Using
|
|||||||||||||||||||
|
Carrying
Value at
June 30,
2017
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Non-Cash
Impairment
Loss
|
|||||||||||||||
Long-lived assets disposed of other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
0.9
|
||||||||||
Long-lived assets held and used
|
1.4
|
--
|
--
|
1.4
|
3.1
|
|||||||||||||||
Long-lived assets held for sale
|
1.2
|
--
|
--
|
1.2
|
9.5
|
|||||||||||||||
Total
|
$
|
13.5
|
|
Fair Value Measurements
at the End of the Reporting Period Using
|
|||||||||||||||||||
|
Carrying
Value at
June 30,
2016
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Non-Cash
Impairment
Loss
|
|||||||||||||||
Long-lived assets disposed of other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
4.5
|
||||||||||
Long-lived assets held for sale
|
1.5
|
--
|
1.5
|
--
|
9.5
|
|||||||||||||||
Total
|
$
|
14.0
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Revenues – related parties:
|
||||||||||||||||
Unconsolidated affiliates
|
$
|
9.9
|
$
|
13.2
|
$
|
20.7
|
$
|
28.8
|
||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and its privately held affiliates
|
$
|
247.4
|
$
|
241.4
|
$
|
490.5
|
$
|
478.7
|
||||||||
Unconsolidated affiliates
|
54.9
|
57.4
|
93.1
|
130.3
|
||||||||||||
Total
|
$
|
302.3
|
$
|
298.8
|
$
|
583.6
|
$
|
609.0
|
|
June 30,
2017
|
December 31,
2016
|
||||||
Accounts receivable - related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
3.0
|
$
|
1.1
|
||||
|
||||||||
Accounts payable - related parties:
|
||||||||
EPCO and its privately held affiliates
|
$
|
51.2
|
$
|
88.9
|
||||
Unconsolidated affiliates
|
11.7
|
16.2
|
||||||
Total
|
$
|
62.9
|
$
|
105.1
|
Total Number
of Units
|
Percentage of
Total Units
Outstanding
|
685,508,319
|
32%
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Operating costs and expenses
|
$
|
215.9
|
$
|
210.6
|
$
|
427.5
|
$
|
416.0
|
||||||||
General and administrative expenses
|
27.1
|
26.3
|
53.9
|
53.6
|
||||||||||||
Total costs and expenses
|
$
|
243.0
|
$
|
236.9
|
$
|
481.4
|
$
|
469.6
|
|
OTA remains in existence (i.e., is not dissolved and its assets sold) between one and 30 years following exercise of the Liquidity Option, depending on the liquidity preference of its owner. An equal probability that OTA would be dissolved was assigned to each year in the 30-year forecast period;
|
|
OTA assumes approximately $2.2 billion of associated long-term debt (30-year maturity) immediately after the Liquidity Option is exercised. For purposes of the valuation at June 30, 2017, we used a market rate commensurate with level of debt and tenure of approximately 4.5%. If the assumption of debt is excluded from the valuation model at June 30, 2017 (and all other inputs remained the same), the estimated fair value of the Liquidity Option would have increased by $224.6 million and resulted in the recognition of an equal amount of expense at the time of change;
|
|
Forecasted annual growth rates of Enterprise’s taxable earnings before interest, taxes, depreciation and amortization ranging from 0.1% to 13.6%;
|
|
OTA’s ownership interest in Enterprise common units is assumed to be diluted over time in connection with Enterprise’s issuance of equity for general company reasons. For purposes of the valuation at June 30, 2017, we used ownership interests ranging from 1.9% to 2.5%;
|
|
OTA pays an aggregate federal and state income tax rate of 38% on its taxable income; and
|
|
A discount rate of 7.6% based on our weighted-average cost of capital at June 30, 2017.
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2017
|
2016
|
||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$
|
602.7
|
$
|
(481.8
|
)
|
|||
Accounts receivable – related parties
|
(1.9
|
)
|
(0.6
|
)
|
||||
Inventories
|
234.3
|
(618.7
|
)
|
|||||
Prepaid and other current assets
|
213.7
|
(51.3
|
)
|
|||||
Other assets
|
(64.2
|
)
|
0.5
|
|||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
46.6
|
(7.0
|
)
|
|||||
Accounts payable – related parties
|
(8.4
|
)
|
(5.3
|
)
|
||||
Accrued product payables
|
(694.2
|
)
|
790.3
|
|||||
Accrued interest
|
(0.8
|
)
|
(1.2
|
)
|
||||
Other current liabilities
|
(252.4
|
)
|
74.6
|
|||||
Other liabilities
|
6.7
|
5.9
|
||||||
Net effect of changes in operating accounts
|
$
|
82.1
|
$
|
(294.6
|
)
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
38.6
|
$
|
33.4
|
$
|
(8.0
|
)
|
$
|
64.0
|
$
|
--
|
$
|
--
|
$
|
64.0
|
|||||||||||||
Accounts receivable – trade, net
|
948.1
|
1,707.7
|
(0.1
|
)
|
2,655.7
|
--
|
--
|
2,655.7
|
||||||||||||||||||||
Accounts receivable – related parties
|
117.9
|
756.6
|
(863.2
|
)
|
11.3
|
--
|
(8.3
|
)
|
3.0
|
|||||||||||||||||||
Inventories
|
1,240.6
|
364.1
|
(0.4
|
)
|
1,604.3
|
--
|
--
|
1,604.3
|
||||||||||||||||||||
Derivative assets
|
68.1
|
1.9
|
--
|
70.0
|
--
|
--
|
70.0
|
|||||||||||||||||||||
Prepaid and other current assets
|
210.7
|
203.5
|
(27.2
|
)
|
387.0
|
0.5
|
--
|
387.5
|
||||||||||||||||||||
Total current assets
|
2,624.0
|
3,067.2
|
(898.9
|
)
|
4,792.3
|
0.5
|
(8.3
|
)
|
4,784.5
|
|||||||||||||||||||
Property, plant and equipment, net
|
5,212.8
|
29,006.3
|
1.6
|
34,220.7
|
--
|
--
|
34,220.7
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
40,195.5
|
4,207.4
|
(41,741.6
|
)
|
2,661.3
|
22,961.0
|
(22,961.0
|
)
|
2,661.3
|
|||||||||||||||||||
Intangible assets, net
|
692.2
|
3,104.3
|
(14.1
|
)
|
3,782.4
|
--
|
--
|
3,782.4
|
||||||||||||||||||||
Goodwill
|
459.5
|
5,285.7
|
--
|
5,745.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
Other assets
|
245.9
|
83.7
|
(211.0
|
)
|
118.6
|
0.6
|
--
|
119.2
|
||||||||||||||||||||
Total assets
|
$
|
49,429.9
|
$
|
44,754.6
|
$
|
(42,864.0
|
)
|
$
|
51,320.5
|
$
|
22,962.1
|
$
|
(22,969.3
|
)
|
$
|
51,313.3
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
3,354.4
|
$
|
0.4
|
$
|
--
|
$
|
3,354.8
|
$
|
--
|
$
|
--
|
$
|
3,354.8
|
||||||||||||||
Accounts payable – trade
|
307.6
|
374.7
|
(7.9
|
)
|
674.4
|
--
|
--
|
674.4
|
||||||||||||||||||||
Accounts payable – related parties
|
845.1
|
96.8
|
(879.0
|
)
|
62.9
|
8.3
|
(8.3
|
)
|
62.9
|
|||||||||||||||||||
Accrued product payables
|
1,466.3
|
1,486.5
|
(1.7
|
)
|
2,951.1
|
--
|
--
|
2,951.1
|
||||||||||||||||||||
Accrued interest
|
339.8
|
0.1
|
--
|
339.9
|
--
|
--
|
339.9
|
|||||||||||||||||||||
Derivative liabilities
|
43.7
|
5.2
|
--
|
48.9
|
--
|
--
|
48.9
|
|||||||||||||||||||||
Other current liabilities
|
83.5
|
325.9
|
(23.8
|
)
|
385.6
|
--
|
1.0
|
386.6
|
||||||||||||||||||||
Total current liabilities
|
6,440.4
|
2,289.6
|
(912.4
|
)
|
7,817.6
|
8.3
|
(7.3
|
)
|
7,818.6
|
|||||||||||||||||||
Long-term debt
|
20,011.7
|
14.8
|
--
|
20,026.5
|
--
|
--
|
20,026.5
|
|||||||||||||||||||||
Deferred tax liabilities
|
4.7
|
45.5
|
(0.5
|
)
|
49.7
|
--
|
3.7
|
53.4
|
||||||||||||||||||||
Other long-term liabilities
|
57.1
|
397.1
|
(213.3
|
)
|
240.9
|
293.7
|
--
|
534.6
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
22,916.0
|
41,930.9
|
(41,911.0
|
)
|
22,935.9
|
22,660.1
|
(22,935.9
|
)
|
22,660.1
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
76.7
|
173.2
|
249.9
|
--
|
(29.8
|
)
|
220.1
|
||||||||||||||||||||
Total equity
|
22,916.0
|
42,007.6
|
(41,737.8
|
)
|
23,185.8
|
22,660.1
|
(22,965.7
|
)
|
22,880.2
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
49,429.9
|
$
|
44,754.6
|
$
|
(42,864.0
|
)
|
$
|
51,320.5
|
$
|
22,962.1
|
$
|
(22,969.3
|
)
|
$
|
51,313.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
366.2
|
$
|
58.9
|
$
|
(7.5
|
)
|
$
|
417.6
|
$
|
--
|
$
|
--
|
$
|
417.6
|
|||||||||||||
Accounts receivable – trade, net
|
1,499.4
|
1,830.3
|
(0.2
|
)
|
3,329.5
|
--
|
--
|
3,329.5
|
||||||||||||||||||||
Accounts receivable – related parties
|
131.5
|
961.4
|
(1,090.7
|
)
|
2.2
|
--
|
(1.1
|
)
|
1.1
|
|||||||||||||||||||
Inventories
|
1,357.5
|
413.5
|
(0.5
|
)
|
1,770.5
|
--
|
--
|
1,770.5
|
||||||||||||||||||||
Derivative assets
|
464.8
|
76.6
|
--
|
541.4
|
--
|
--
|
541.4
|
|||||||||||||||||||||
Prepaid and other current assets
|
290.7
|
191.1
|
(13.7
|
)
|
468.1
|
--
|
--
|
468.1
|
||||||||||||||||||||
Total current assets
|
4,110.1
|
3,531.8
|
(1,112.6
|
)
|
6,529.3
|
--
|
(1.1
|
)
|
6,528.2
|
|||||||||||||||||||
Property, plant and equipment, net
|
4,796.5
|
28,495.7
|
0.3
|
33,292.5
|
--
|
--
|
33,292.5
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
39,995.5
|
4,227.9
|
(41,546.1
|
)
|
2,677.3
|
22,317.1
|
(22,317.1
|
)
|
2,677.3
|
|||||||||||||||||||
Intangible assets, net
|
700.2
|
3,178.2
|
(14.3
|
)
|
3,864.1
|
--
|
--
|
3,864.1
|
||||||||||||||||||||
Goodwill
|
459.5
|
5,285.7
|
--
|
5,745.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
Other assets
|
222.6
|
41.0
|
(177.5
|
)
|
86.1
|
0.6
|
--
|
86.7
|
||||||||||||||||||||
Total assets
|
$
|
50,284.4
|
$
|
44,760.3
|
$
|
(42,850.2
|
)
|
$
|
52,194.5
|
$
|
22,317.7
|
$
|
(22,318.2
|
)
|
$
|
52,194.0
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
2,576.7
|
$
|
0.1
|
$
|
--
|
$
|
2,576.8
|
$
|
--
|
$
|
--
|
$
|
2,576.8
|
||||||||||||||
Accounts payable – trade
|
133.1
|
272.1
|
(7.5
|
)
|
397.7
|
--
|
--
|
397.7
|
||||||||||||||||||||
Accounts payable – related parties
|
1,071.5
|
139.6
|
(1,106.0
|
)
|
105.1
|
1.1
|
(1.1
|
)
|
105.1
|
|||||||||||||||||||
Accrued product payables
|
1,944.5
|
1,670.3
|
(1.1
|
)
|
3,613.7
|
--
|
--
|
3,613.7
|
||||||||||||||||||||
Accrued interest
|
340.7
|
0.1
|
--
|
340.8
|
--
|
--
|
340.8
|
|||||||||||||||||||||
Derivative liabilities
|
590.3
|
147.4
|
--
|
737.7
|
--
|
--
|
737.7
|
|||||||||||||||||||||
Other current liabilities
|
173.5
|
316.5
|
(12.0
|
)
|
478.0
|
--
|
0.7
|
478.7
|
||||||||||||||||||||
Total current liabilities
|
6,830.3
|
2,546.1
|
(1,126.6
|
)
|
8,249.8
|
1.1
|
(0.4
|
)
|
8,250.5
|
|||||||||||||||||||
Long-term debt
|
21,105.7
|
15.2
|
--
|
21,120.9
|
--
|
--
|
21,120.9
|
|||||||||||||||||||||
Deferred tax liabilities
|
5.0
|
45.1
|
(1.1
|
)
|
49.0
|
--
|
3.7
|
52.7
|
||||||||||||||||||||
Other long-term liabilities
|
13.5
|
400.6
|
(179.8
|
)
|
234.3
|
269.6
|
--
|
503.9
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
22,329.9
|
41,675.3
|
(41,713.4
|
)
|
22,291.8
|
22,047.0
|
(22,291.8
|
)
|
22,047.0
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
78.0
|
170.7
|
248.7
|
--
|
(29.7
|
)
|
219.0
|
||||||||||||||||||||
Total equity
|
22,329.9
|
41,753.3
|
(41,542.7
|
)
|
22,540.5
|
22,047.0
|
(22,321.5
|
)
|
22,266.0
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
50,284.4
|
$
|
44,760.3
|
$
|
(42,850.2
|
)
|
$
|
52,194.5
|
$
|
22,317.7
|
$
|
(22,318.2
|
)
|
$
|
52,194.0
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
8,541.0
|
$
|
4,274.4
|
$
|
(6,207.8
|
)
|
$
|
6,607.6
|
$
|
--
|
$
|
--
|
$
|
6,607.6
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
8,332.1
|
3,605.9
|
(6,207.8
|
)
|
5,730.2
|
--
|
--
|
5,730.2
|
||||||||||||||||||||
General and administrative costs
|
8.1
|
36.9
|
--
|
45.0
|
0.7
|
--
|
45.7
|
|||||||||||||||||||||
Total costs and expenses
|
8,340.2
|
3,642.8
|
(6,207.8
|
)
|
5,775.2
|
0.7
|
--
|
5,775.9
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
716.1
|
142.3
|
(751.4
|
)
|
107.0
|
673.0
|
(673.0
|
)
|
107.0
|
|||||||||||||||||||
Operating income
|
916.9
|
773.9
|
(751.4
|
)
|
939.4
|
672.3
|
(673.0
|
)
|
938.7
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(243.8
|
)
|
(4.3
|
)
|
2.3
|
(245.8
|
)
|
--
|
--
|
(245.8
|
)
|
|||||||||||||||||
Other, net
|
2.3
|
0.4
|
(2.3
|
)
|
0.4
|
(18.6
|
)
|
--
|
(18.2
|
)
|
||||||||||||||||||
Total other expense, net
|
(241.5
|
)
|
(3.9
|
)
|
--
|
(245.4
|
)
|
(18.6
|
)
|
--
|
(264.0
|
)
|
||||||||||||||||
Income before income taxes
|
675.4
|
770.0
|
(751.4
|
)
|
694.0
|
653.7
|
(673.0
|
)
|
674.7
|
|||||||||||||||||||
Provision for income taxes
|
(3.3
|
)
|
(5.0
|
)
|
--
|
(8.3
|
)
|
--
|
(0.4
|
)
|
(8.7
|
)
|
||||||||||||||||
Net income
|
672.1
|
765.0
|
(751.4
|
)
|
685.7
|
653.7
|
(673.4
|
)
|
666.0
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(1.6
|
)
|
(12.0
|
)
|
(13.6
|
)
|
--
|
1.3
|
(12.3
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
672.1
|
$
|
763.4
|
$
|
(763.4
|
)
|
$
|
672.1
|
$
|
653.7
|
$
|
(672.1
|
)
|
$
|
653.7
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
7,194.2
|
$
|
3,794.2
|
$
|
(5,370.6
|
)
|
$
|
5,617.8
|
$
|
--
|
$
|
--
|
$
|
5,617.8
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
7,002.0
|
3,190.9
|
(5,370.7
|
)
|
4,822.2
|
--
|
--
|
4,822.2
|
||||||||||||||||||||
General and administrative costs
|
4.1
|
30.5
|
--
|
34.6
|
0.5
|
--
|
35.1
|
|||||||||||||||||||||
Total costs and expenses
|
7,006.1
|
3,221.4
|
(5,370.7
|
)
|
4,856.8
|
0.5
|
--
|
4,857.3
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
637.3
|
126.4
|
(687.3
|
)
|
76.4
|
582.3
|
(582.3
|
)
|
76.4
|
|||||||||||||||||||
Operating income
|
825.4
|
699.2
|
(687.2
|
)
|
837.4
|
581.8
|
(582.3
|
)
|
836.9
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(240.5
|
)
|
(5.4
|
)
|
1.8
|
(244.1
|
)
|
--
|
--
|
(244.1
|
)
|
|||||||||||||||||
Other, net
|
2.1
|
0.1
|
(1.8
|
)
|
0.4
|
(23.3
|
)
|
--
|
(22.9
|
)
|
||||||||||||||||||
Total other expense, net
|
(238.4
|
)
|
(5.3
|
)
|
--
|
(243.7
|
)
|
(23.3
|
)
|
--
|
(267.0
|
)
|
||||||||||||||||
Income before income taxes
|
587.0
|
693.9
|
(687.2
|
)
|
593.7
|
558.5
|
(582.3
|
)
|
569.9
|
|||||||||||||||||||
Benefit from income taxes
|
0.1
|
0.5
|
--
|
0.6
|
--
|
(0.5
|
)
|
0.1
|
||||||||||||||||||||
Net income
|
587.1
|
694.4
|
(687.2
|
)
|
594.3
|
558.5
|
(582.8
|
)
|
570.0
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(2.3
|
)
|
(10.6
|
)
|
(12.9
|
)
|
--
|
1.4
|
(11.5
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
587.1
|
$
|
692.1
|
$
|
(697.8
|
)
|
$
|
581.4
|
$
|
558.5
|
$
|
(581.4
|
)
|
$
|
558.5
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
21,073.8
|
$
|
8,582.6
|
$
|
(15,728.4
|
)
|
$
|
13,928.0
|
$
|
--
|
$
|
--
|
$
|
13,928.0
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
20,571.1
|
7,220.9
|
(15,728.6
|
)
|
12,063.4
|
--
|
--
|
12,063.4
|
||||||||||||||||||||
General and administrative costs
|
15.5
|
79.6
|
(0.2
|
)
|
94.9
|
1.2
|
--
|
96.1
|
||||||||||||||||||||
Total costs and expenses
|
20,586.6
|
7,300.5
|
(15,728.8
|
)
|
12,158.3
|
1.2
|
--
|
12,159.5
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,444.9
|
275.7
|
(1,518.8
|
)
|
201.8
|
1,439.7
|
(1,439.7
|
)
|
201.8
|
|||||||||||||||||||
Operating income
|
1,932.1
|
1,557.8
|
(1,518.4
|
)
|
1,971.5
|
1,438.5
|
(1,439.7
|
)
|
1,970.3
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(492.6
|
)
|
(7.0
|
)
|
4.5
|
(495.1
|
)
|
--
|
--
|
(495.1
|
)
|
|||||||||||||||||
Other, net
|
4.5
|
0.6
|
(4.5
|
)
|
0.6
|
(24.1
|
)
|
--
|
(23.5
|
)
|
||||||||||||||||||
Total other expense, net
|
(488.1
|
)
|
(6.4
|
)
|
--
|
(494.5
|
)
|
(24.1
|
)
|
--
|
(518.6
|
)
|
||||||||||||||||
Income before income taxes
|
1,444.0
|
1,551.4
|
(1,518.4
|
)
|
1,477.0
|
1,414.4
|
(1,439.7
|
)
|
1,451.7
|
|||||||||||||||||||
Provision for income taxes
|
(6.2
|
)
|
(7.6
|
)
|
--
|
(13.8
|
)
|
--
|
(0.9
|
)
|
(14.7
|
)
|
||||||||||||||||
Net income
|
1,437.8
|
1,543.8
|
(1,518.4
|
)
|
1,463.2
|
1,414.4
|
(1,440.6
|
)
|
1,437.0
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(3.3
|
)
|
(21.9
|
)
|
(25.2
|
)
|
--
|
2.6
|
(22.6
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,437.8
|
$
|
1,540.5
|
$
|
(1,540.3
|
)
|
$
|
1,438.0
|
$
|
1,414.4
|
$
|
(1,438.0
|
)
|
$
|
1,414.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
12,556.1
|
$
|
7,076.9
|
$
|
(9,009.9
|
)
|
$
|
10,623.1
|
$
|
--
|
$
|
--
|
$
|
10,623.1
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
12,093.2
|
5,886.0
|
(9,010.1
|
)
|
8,969.1
|
--
|
--
|
8,969.1
|
||||||||||||||||||||
General and administrative costs
|
10.1
|
67.3
|
--
|
77.4
|
1.6
|
--
|
79.0
|
|||||||||||||||||||||
Total costs and expenses
|
12,103.3
|
5,953.3
|
(9,010.1
|
)
|
9,046.5
|
1.6
|
--
|
9,048.1
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,270.0
|
260.0
|
(1,352.5
|
)
|
177.5
|
1,242.4
|
(1,242.4
|
)
|
177.5
|
|||||||||||||||||||
Operating income
|
1,722.8
|
1,383.6
|
(1,352.3
|
)
|
1,754.1
|
1,240.8
|
(1,242.4
|
)
|
1,752.5
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(477.6
|
)
|
(10.6
|
)
|
3.5
|
(484.7
|
)
|
--
|
--
|
(484.7
|
)
|
|||||||||||||||||
Other, net
|
3.9
|
1.4
|
(3.5
|
)
|
1.8
|
(21.1
|
)
|
--
|
(19.3
|
)
|
||||||||||||||||||
Total other expense, net
|
(473.7
|
)
|
(9.2
|
)
|
--
|
(482.9
|
)
|
(21.1
|
)
|
--
|
(504.0
|
)
|
||||||||||||||||
Income before income taxes
|
1,249.1
|
1,374.4
|
(1,352.3
|
)
|
1,271.2
|
1,219.7
|
(1,242.4
|
)
|
1,248.5
|
|||||||||||||||||||
Provision for income taxes
|
(2.8
|
)
|
(4.6
|
)
|
--
|
(7.4
|
)
|
--
|
(0.9
|
)
|
(8.3
|
)
|
||||||||||||||||
Net income
|
1,246.3
|
1,369.8
|
(1,352.3
|
)
|
1,263.8
|
1,219.7
|
(1,243.3
|
)
|
1,240.2
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(3.6
|
)
|
(19.5
|
)
|
(23.1
|
)
|
--
|
2.6
|
(20.5
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,246.3
|
$
|
1,366.2
|
$
|
(1,371.8
|
)
|
$
|
1,240.7
|
$
|
1,219.7
|
$
|
(1,240.7
|
)
|
$
|
1,219.7
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
661.3
|
$
|
763.2
|
$
|
(751.4
|
)
|
$
|
673.1
|
$
|
641.2
|
$
|
(660.8
|
)
|
$
|
653.5
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(1.6
|
)
|
(12.0
|
)
|
(13.6
|
)
|
--
|
1.3
|
(12.3
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
661.3
|
$
|
761.6
|
$
|
(763.4
|
)
|
$
|
659.5
|
$
|
641.2
|
$
|
(659.5
|
)
|
$
|
641.2
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
519.4
|
$
|
723.5
|
$
|
(687.2
|
)
|
$
|
555.7
|
$
|
520.0
|
$
|
(544.2
|
)
|
$
|
531.5
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(2.3
|
)
|
(10.6
|
)
|
(12.9
|
)
|
--
|
1.4
|
(11.5
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
519.4
|
$
|
721.2
|
$
|
(697.8
|
)
|
$
|
542.8
|
$
|
520.0
|
$
|
(542.8
|
)
|
$
|
520.0
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,531.4
|
$
|
1,601.5
|
$
|
(1,518.4
|
)
|
$
|
1,614.5
|
$
|
1,565.7
|
$
|
(1,591.9
|
)
|
$
|
1,588.3
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(3.3
|
)
|
(21.9
|
)
|
(25.2
|
)
|
--
|
2.6
|
(22.6
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,531.4
|
$
|
1,598.2
|
$
|
(1,540.3
|
)
|
$
|
1,589.3
|
$
|
1,565.7
|
$
|
(1,589.3
|
)
|
$
|
1,565.7
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,174.6
|
$
|
1,353.6
|
$
|
(1,352.2
|
)
|
$
|
1,176.0
|
$
|
1,131.9
|
$
|
(1,155.5
|
)
|
$
|
1,152.4
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
(3.6
|
)
|
(19.5
|
)
|
(23.1
|
)
|
--
|
2.6
|
(20.5
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,174.6
|
$
|
1,350.0
|
$
|
(1,371.7
|
)
|
$
|
1,152.9
|
$
|
1,131.9
|
$
|
(1,152.9
|
)
|
$
|
1,131.9
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,437.8
|
$
|
1,543.8
|
$
|
(1,518.4
|
)
|
$
|
1,463.2
|
$
|
1,414.4
|
$
|
(1,440.6
|
)
|
$
|
1,437.0
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
103.3
|
705.7
|
(0.2
|
)
|
808.8
|
--
|
--
|
808.8
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,444.9
|
)
|
(275.7
|
)
|
1,518.8
|
(201.8
|
)
|
(1,439.7
|
)
|
1,439.7
|
(201.8
|
)
|
||||||||||||||||
Distributions received on earnings from unconsolidated affiliates
|
529.3
|
133.7
|
(457.9
|
)
|
205.1
|
1,753.3
|
(1,753.3
|
)
|
205.1
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
1,793.0
|
(1,766.2
|
)
|
(0.7
|
)
|
26.1
|
59.3
|
0.4
|
85.8
|
|||||||||||||||||||
Net cash flows provided by operating activities
|
2,418.5
|
341.3
|
(458.4
|
)
|
2,301.4
|
1,787.3
|
(1,753.8
|
)
|
2,334.9
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(369.3
|
)
|
(743.8
|
)
|
--
|
(1,113.1
|
)
|
--
|
--
|
(1,113.1
|
)
|
|||||||||||||||||
Cash used for business combination, net of cash received
|
--
|
(191.4
|
)
|
--
|
(191.4
|
)
|
--
|
--
|
(191.4
|
)
|
||||||||||||||||||
Proceeds from asset sales
|
1.4
|
1.8
|
--
|
3.2
|
--
|
--
|
3.2
|
|||||||||||||||||||||
Other investing activities
|
(759.8
|
)
|
(26.7
|
)
|
1,108.3
|
321.8
|
(750.9
|
)
|
750.9
|
321.8
|
||||||||||||||||||
Cash used in investing activities
|
(1,127.7
|
)
|
(960.1
|
)
|
1,108.3
|
(979.5
|
)
|
(750.9
|
)
|
750.9
|
(979.5
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
33,307.8
|
--
|
--
|
33,307.8
|
--
|
--
|
33,307.8
|
|||||||||||||||||||||
Repayments of debt
|
(33,605.2
|
)
|
(0.1
|
)
|
(34.0
|
)
|
(33,639.3
|
)
|
--
|
--
|
(33,639.3
|
)
|
||||||||||||||||
Cash distributions paid to owners
|
(1,753.3
|
)
|
(491.2
|
)
|
491.2
|
(1,753.3
|
)
|
(1,757.8
|
)
|
1,753.3
|
(1,757.8
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
--
|
--
|
--
|
--
|
(7.2
|
)
|
--
|
(7.2
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
(4.7
|
)
|
(18.9
|
)
|
(23.6
|
)
|
--
|
0.5
|
(23.1
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
0.1
|
0.2
|
0.3
|
--
|
--
|
0.3
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
757.2
|
--
|
757.2
|
|||||||||||||||||||||
Cash contributions from owners
|
750.9
|
1,088.9
|
(1,088.9
|
)
|
750.9
|
--
|
(750.9
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
0.7
|
--
|
--
|
0.7
|
(28.5
|
)
|
--
|
(27.8
|
)
|
|||||||||||||||||||
Cash provided by (used in) financing activities
|
(1,299.1
|
)
|
593.0
|
(650.4
|
)
|
(1,356.5
|
)
|
(1,036.3
|
)
|
1,002.9
|
(1,389.9
|
)
|
||||||||||||||||
Net change in cash and cash equivalents
|
(8.3
|
)
|
(25.8
|
)
|
(0.5
|
)
|
(34.6
|
)
|
0.1
|
--
|
(34.5
|
)
|
||||||||||||||||
Cash and cash equivalents, January 1
|
13.4
|
57.2
|
(7.5
|
)
|
63.1
|
--
|
--
|
63.1
|
||||||||||||||||||||
Cash and cash equivalents, June 30
|
$
|
5.1
|
$
|
31.4
|
$
|
(8.0
|
)
|
$
|
28.5
|
$
|
0.1
|
$
|
--
|
$
|
28.6
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,246.3
|
$
|
1,369.8
|
$
|
(1,352.3
|
)
|
$
|
1,263.8
|
$
|
1,219.7
|
$
|
(1,243.3
|
)
|
$
|
1,240.2
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
84.9
|
678.7
|
(0.2
|
)
|
763.4
|
--
|
--
|
763.4
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,270.0
|
)
|
(260.0
|
)
|
1,352.5
|
(177.5
|
)
|
(1,242.4
|
)
|
1,242.4
|
(177.5
|
)
|
||||||||||||||||
Distributions received on earnings from unconsolidated affiliates
|
475.9
|
81.5
|
(362.3
|
)
|
195.1
|
1,633.4
|
(1,633.4
|
)
|
195.1
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
679.7
|
(922.9
|
)
|
46.8
|
(196.4
|
)
|
19.8
|
0.6
|
(176.0
|
)
|
||||||||||||||||||
Net cash flows provided by operating activities
|
1,216.8
|
947.1
|
(315.5
|
)
|
1,848.4
|
1,630.5
|
(1,633.7
|
)
|
1,845.2
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(729.1
|
)
|
(1,127.7
|
)
|
--
|
(1,856.8
|
)
|
--
|
--
|
(1,856.8
|
)
|
|||||||||||||||||
Proceeds from asset sales
|
13.9
|
14.0
|
--
|
27.9
|
--
|
--
|
27.9
|
|||||||||||||||||||||
Other investing activities
|
(945.0
|
)
|
(47.5
|
)
|
582.8
|
(409.7
|
)
|
(1,881.8
|
)
|
1,881.8
|
(409.7
|
)
|
||||||||||||||||
Cash used in investing activities
|
(1,660.2
|
)
|
(1,161.2
|
)
|
582.8
|
(2,238.6
|
)
|
(1,881.8
|
)
|
1,881.8
|
(2,238.6
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
33,235.3
|
32.5
|
(32.5
|
)
|
33,235.3
|
--
|
--
|
33,235.3
|
||||||||||||||||||||
Repayments of debt
|
(32,986.6
|
)
|
(0.1
|
)
|
--
|
(32,986.7
|
)
|
--
|
--
|
(32,986.7
|
)
|
|||||||||||||||||
Cash distributions paid to owners
|
(1,633.4
|
)
|
(379.9
|
)
|
379.9
|
(1,633.4
|
)
|
(1,610.5
|
)
|
1,633.4
|
(1,610.5
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
--
|
--
|
--
|
--
|
(5.3
|
)
|
--
|
(5.3
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
(3.5
|
)
|
(17.6
|
)
|
(21.1
|
)
|
--
|
0.3
|
(20.8
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
16.0
|
--
|
16.0
|
--
|
--
|
16.0
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
1,888.3
|
--
|
1,888.3
|
|||||||||||||||||||||
Cash contributions from owners
|
1,881.8
|
550.3
|
(550.3
|
)
|
1,881.8
|
--
|
(1,881.8
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(7.2
|
)
|
--
|
--
|
(7.2
|
)
|
(21.2
|
)
|
--
|
(28.4
|
)
|
|||||||||||||||||
Cash provided by financing activities
|
489.9
|
215.3
|
(220.5
|
)
|
484.7
|
251.3
|
(248.1
|
)
|
487.9
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
46.5
|
1.2
|
46.8
|
94.5
|
--
|
--
|
94.5
|
|||||||||||||||||||||
Cash and cash equivalents, January 1
|
--
|
69.6
|
(50.6
|
)
|
19.0
|
--
|
--
|
19.0
|
||||||||||||||||||||
Cash and cash equivalents, June 30
|
$
|
46.5
|
$
|
70.8
|
$
|
(3.8
|
)
|
$
|
113.5
|
$
|
--
|
$
|
--
|
$
|
113.5
|
/d
|
=
|
per day
|
MMBbls
|
=
|
million barrels
|
BBtus
|
=
|
billion British thermal units
|
MMBPD
|
=
|
million barrels per day
|
Bcf
|
=
|
billion cubic feet
|
MMBtus
|
=
|
million British thermal units
|
BPD
|
=
|
barrels per day
|
MMcf
|
=
|
million cubic feet
|
MBPD
|
=
|
thousand barrels per day
|
TBtus
|
=
|
trillion British thermal units
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Revenues
|
$
|
6,607.6
|
$
|
5,617.8
|
$
|
13,928.0
|
$
|
10,623.1
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
4,731.1
|
3,838.7
|
10,066.8
|
7,047.0
|
||||||||||||
Other operating costs and expenses
|
605.6
|
601.3
|
1,216.0
|
1,175.1
|
||||||||||||
Depreciation, amortization and accretion expenses
|
379.2
|
360.3
|
755.4
|
718.5
|
||||||||||||
Net losses attributable to asset sales
|
0.3
|
1.7
|
--
|
6.6
|
||||||||||||
Asset impairment and related charges
|
14.0
|
20.2
|
25.2
|
21.9
|
||||||||||||
Total operating costs and expenses
|
5,730.2
|
4,822.2
|
12,063.4
|
8,969.1
|
||||||||||||
General and administrative costs
|
45.7
|
35.1
|
96.1
|
79.0
|
||||||||||||
Total costs and expenses
|
5,775.9
|
4,857.3
|
12,159.5
|
9,048.1
|
||||||||||||
Equity in income of unconsolidated affiliates
|
107.0
|
76.4
|
201.8
|
177.5
|
||||||||||||
Operating income
|
938.7
|
836.9
|
1,970.3
|
1,752.5
|
||||||||||||
Interest expense
|
(245.8
|
)
|
(244.1
|
)
|
(495.1
|
)
|
(484.7
|
)
|
||||||||
Change in fair market value of Liquidity Option Agreement
|
(18.6
|
)
|
(23.3
|
)
|
(24.1
|
)
|
(21.1
|
)
|
||||||||
Other, net
|
0.4
|
0.4
|
0.6
|
1.8
|
||||||||||||
Benefit from (provision for) income taxes
|
(8.7
|
)
|
0.1
|
(14.7
|
)
|
(8.3
|
)
|
|||||||||
Net income
|
666.0
|
570.0
|
1,437.0
|
1,240.2
|
||||||||||||
Net income attributable to noncontrolling interests
|
(12.3
|
)
|
(11.5
|
)
|
(22.6
|
)
|
(20.5
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
653.7
|
$
|
558.5
|
$
|
1,414.4
|
$
|
1,219.7
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
2,158.0
|
$
|
2,060.4
|
$
|
5,045.2
|
$
|
4,003.9
|
||||||||
Midstream services
|
462.6
|
455.1
|
921.2
|
915.4
|
||||||||||||
Total
|
2,620.6
|
2,515.5
|
5,966.4
|
4,919.3
|
||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
1,705.1
|
1,482.2
|
3,323.7
|
2,603.3
|
||||||||||||
Midstream services
|
194.5
|
177.8
|
383.1
|
345.3
|
||||||||||||
Total
|
1,899.6
|
1,660.0
|
3,706.8
|
2,948.6
|
||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
560.6
|
305.7
|
1,104.6
|
620.7
|
||||||||||||
Midstream services
|
225.6
|
230.0
|
442.8
|
465.0
|
||||||||||||
Total
|
786.2
|
535.7
|
1,547.4
|
1,085.7
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,114.1
|
713.4
|
2,325.2
|
1,266.6
|
||||||||||||
Midstream services
|
187.1
|
193.2
|
382.2
|
402.9
|
||||||||||||
Total
|
1,301.2
|
906.6
|
2,707.4
|
1,669.5
|
||||||||||||
Total consolidated revenues
|
$
|
6,607.6
|
$
|
5,617.8
|
$
|
13,928.0
|
$
|
10,623.1
|
Polymer
Grade
Propylene,
|
Refinery
Grade
Propylene,
|
|||||||||||||||||||||||||||||||||||||||
Natural
Gas,
|
Normal
Butane,
|
Natural
Gasoline,
|
WTI
Crude Oil,
|
LLS
Crude Oil,
|
||||||||||||||||||||||||||||||||||||
Ethane,
|
Propane,
|
Isobutane,
|
||||||||||||||||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
|||||||||||||||||||||||||||||||
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
|||||||||||||||||||||
2016 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.09
|
$
|
0.16
|
$
|
0.38
|
$
|
0.53
|
$
|
0.53
|
$
|
0.76
|
$
|
0.31
|
$
|
0.18
|
$
|
33.45
|
$
|
35.11
|
||||||||||||||||||||
2nd Quarter
|
$
|
1.95
|
$
|
0.20
|
$
|
0.49
|
$
|
0.62
|
$
|
0.63
|
$
|
0.96
|
$
|
0.33
|
$
|
0.19
|
$
|
45.59
|
$
|
47.35
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.81
|
$
|
0.19
|
$
|
0.47
|
$
|
0.63
|
$
|
0.67
|
$
|
0.98
|
$
|
0.38
|
$
|
0.24
|
$
|
44.94
|
$
|
46.52
|
||||||||||||||||||||
4th Quarter
|
$
|
2.98
|
$
|
0.24
|
$
|
0.58
|
$
|
0.83
|
$
|
0.90
|
$
|
1.08
|
$
|
0.36
|
$
|
0.24
|
$
|
49.29
|
$
|
50.53
|
||||||||||||||||||||
2016 Averages
|
$
|
2.46
|
$
|
0.20
|
$
|
0.48
|
$
|
0.65
|
$
|
0.68
|
$
|
0.94
|
$
|
0.34
|
$
|
0.21
|
$
|
43.32
|
$
|
44.88
|
||||||||||||||||||||
2017 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
3.32
|
$
|
0.23
|
$
|
0.71
|
$
|
0.98
|
$
|
0.94
|
$
|
1.10
|
$
|
0.47
|
$
|
0.32
|
$
|
51.91
|
$
|
53.52
|
||||||||||||||||||||
2nd Quarter
|
$
|
3.19
|
$
|
0.25
|
$
|
0.63
|
$
|
0.76
|
$
|
0.75
|
$
|
1.07
|
$
|
0.42
|
$
|
0.28
|
$
|
48.28
|
$
|
50.31
|
||||||||||||||||||||
2017 Averages
|
$
|
3.25
|
$
|
0.24
|
$
|
0.67
|
$
|
0.87
|
$
|
0.84
|
$
|
1.08
|
$
|
0.45
|
$
|
0.30
|
$
|
50.10
|
$
|
51.92
|
||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
(3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical.
(4) Crude oil prices are based on commercial index prices for WTI as measured on the New York Mercantile Exchange (“NYMEX”) and for LLS as reported by Platts.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Interest charged on debt principal outstanding
|
$
|
272.8
|
$
|
273.7
|
$
|
545.7
|
$
|
542.0
|
||||||||
Impact of interest rate hedging program, including related amortization
|
9.3
|
7.7
|
18.0
|
14.1
|
||||||||||||
Interest costs capitalized in connection with construction projects (1)
|
(44.5
|
)
|
(46.4
|
)
|
(84.1
|
)
|
(88.9
|
)
|
||||||||
Other (2)
|
8.2
|
9.1
|
15.5
|
17.5
|
||||||||||||
Total
|
$
|
245.8
|
$
|
244.1
|
$
|
495.1
|
$
|
484.7
|
||||||||
(1) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital spending levels and the interest rates charged on borrowings.
(2) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
759.9
|
$
|
719.1
|
$
|
1,615.9
|
$
|
1,502.8
|
||||||||
Crude Oil Pipelines & Services
|
236.7
|
177.4
|
501.3
|
379.7
|
||||||||||||
Natural Gas Pipelines & Services
|
194.4
|
177.4
|
365.3
|
355.1
|
||||||||||||
Petrochemical & Refined Products Services
|
188.4
|
175.5
|
370.2
|
330.3
|
||||||||||||
Total segment gross operating margin (1)
|
1,379.4
|
1,249.4
|
2,852.7
|
2,567.9
|
||||||||||||
Net adjustment for shipper make-up rights
|
(1.5
|
)
|
4.8
|
(5.7
|
)
|
10.6
|
||||||||||
Total gross operating margin
|
$
|
1,377.9
|
$
|
1,254.2
|
$
|
$2,847.0
|
$
|
2,578.5
|
||||||||
(1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found in Note 9 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Operating income (GAAP)
|
$
|
938.7
|
$
|
836.9
|
$
|
1,970.3
|
$
|
1,752.5
|
||||||||
Adjustments to reconcile operating income to total gross operating margin:
|
||||||||||||||||
Add depreciation, amortization and accretion expense
|
379.2
|
360.3
|
755.4
|
718.5
|
||||||||||||
Add asset impairment and related charges in operating costs and
expenses
|
14.0
|
20.2
|
25.2
|
21.9
|
||||||||||||
Add net losses attributable to asset sales
|
0.3
|
1.7
|
--
|
6.6
|
||||||||||||
Add general and administrative costs
|
45.7
|
35.1
|
96.1
|
79.0
|
||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
1,377.9
|
$
|
1,254.2
|
$
|
2,847.0
|
$
|
2,578.5
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Natural gas processing and related NGL marketing activities
|
$
|
204.7
|
$
|
181.3
|
$
|
482.6
|
$
|
415.2
|
||||||||
NGL pipelines, storage and terminals
|
436.3
|
408.2
|
891.2
|
834.9
|
||||||||||||
NGL fractionation
|
118.9
|
129.6
|
242.1
|
252.7
|
||||||||||||
Total
|
$
|
759.9
|
$
|
719.1
|
$
|
1,615.9
|
$
|
1,502.8
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Equity NGL production (MBPD) (1)
|
164
|
143
|
157
|
145
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
4,660
|
4,995
|
4,598
|
4,939
|
||||||||||||
NGL pipeline transportation volumes (MBPD)
|
3,083
|
2,992
|
3,160
|
2,973
|
||||||||||||
NGL marine terminal volumes (MBPD)
|
474
|
450
|
521
|
453
|
||||||||||||
NGL fractionation volumes (MBPD)
|
841
|
840
|
820
|
838
|
||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities.
(2) Volumes reported correspond to the revenue streams earned by our gas plants.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Segment gross operating margin
|
$
|
236.7
|
$
|
177.4
|
$
|
501.3
|
$
|
379.7
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
1,475
|
1,358
|
1,416
|
1,376
|
||||||||||||
Crude oil marine terminal volumes (MBPD)
|
488
|
514
|
482
|
497
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Segment gross operating margin
|
$
|
194.4
|
$
|
177.4
|
$
|
365.3
|
$
|
355.1
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
12,232
|
12,079
|
11,934
|
11,987
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Propylene fractionation and related activities
|
$
|
62.0
|
$
|
52.8
|
$
|
130.6
|
$
|
104.9
|
||||||||
Butane isomerization and related operations
|
18.2
|
17.3
|
29.1
|
33.4
|
||||||||||||
Octane enhancement and related plant operations
|
38.6
|
21.2
|
57.5
|
11.0
|
||||||||||||
Refined products pipelines and related activities
|
69.5
|
74.1
|
146.2
|
161.1
|
||||||||||||
Marine transportation and other
|
0.1
|
10.1
|
6.8
|
19.9
|
||||||||||||
Total
|
$
|
188.4
|
$
|
175.5
|
$
|
370.2
|
$
|
330.3
|
||||||||
|
||||||||||||||||
Selected volumetric data:
|
||||||||||||||||
Propylene fractionation plant production volumes (MBPD)
|
81
|
80
|
81
|
75
|
||||||||||||
Butane isomerization volumes (MBPD)
|
116
|
114
|
104
|
112
|
||||||||||||
Standalone DIB processing volumes (MBPD)
|
81
|
90
|
82
|
93
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
30
|
22
|
25
|
16
|
||||||||||||
Pipeline transportation volumes, primarily refined products and
petrochemicals (MBPD) |
800
|
874
|
813
|
863
|
||||||||||||
Refined products and petrochemical marine terminal volumes
(MBPD) |
471
|
410
|
435
|
379
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
1,455.2
|
$
|
1,455.2
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Senior Notes
|
20,650.0
|
800.0
|
1,100.0
|
1,500.0
|
1,500.0
|
575.0
|
15,175.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,474.4
|
--
|
--
|
--
|
--
|
--
|
1,474.4
|
|||||||||||||||||||||
Total
|
$
|
23,579.6
|
$
|
2,255.2
|
$
|
1,100.0
|
$
|
1,500.0
|
$
|
1,500.0
|
$
|
575.0
|
$
|
16,649.4
|
Number of
Common
Units Issued
|
Net Cash
Proceeds
Received
|
|||||||
Three months ended March 31, 2017:
|
||||||||
Common units issued in connection with ATM program
|
12,865,371
|
$
|
356.0
|
|||||
Common units issued in connection with DRIP and EUPP
|
3,440,559
|
92.8
|
||||||
Total common units issued for quarter
|
16,305,930
|
448.8
|
||||||
Three months ended June 30, 2017:
|
||||||||
Common units issued in connection with ATM program
|
7,991,635
|
215.8
|
||||||
Common units issued in connection with DRIP and EUPP
|
3,595,122
|
92.6
|
||||||
Total common units issued for quarter
|
11,586,757
|
308.4
|
||||||
Total common units issued during the six months ended June 30, 2017
|
27,892,687
|
$
|
757.2
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2017
|
2016
|
||||||
Net cash flows provided by operating activities
|
$
|
2,334.9
|
$
|
1,845.2
|
||||
Cash used in investing activities
|
979.5
|
2,238.6
|
||||||
Cash provided by (used in) financing activities
|
(1,389.9
|
)
|
487.9
|
§ |
a $376.7 million period-to-period increase in cash primarily due to the timing of cash receipts and payments related to operations; and
|
§ |
a $103.0 million increase in cash attributable to higher partnership income in the six months ended June 30, 2017 compared to the six months ended June 30, 2016 (after adjusting our $196.8 million period-to-period increase in net income for changes in the non-cash items identified on our Unaudited Condensed Statements of Consolidated Cash Flows).
|
§ |
a $743.7 million period-to-period decrease in capital spending for consolidated property, plant and equipment, net of contributions in aid of construction costs (see “Capital Spending” within this Part I, Item 2 for additional information regarding our capital spending program);
|
§ |
a $675.8 million period-to-period beneficial change in restricted cash, which was an outflow of $356.7 million in the first six months of 2016 compared to a cash inflow of $319.1 million during the first six months of 2017; and
|
§ |
$191.4 million of cash used for the Azure acquisition.
|
§
|
a $1.13 billion period-to-period decrease in net cash proceeds from the issuance of common units. We issued an aggregate 27,892,687 common units, which generated $757.2 million of net cash proceeds, in connection with our ATM program, DRIP and EUPP during the six months ended June 30, 2017. This compares to an aggregate 79,029,881 common units we issued in connection with these programs and plans during the same period in 2016, which collectively generated $1.89 billion of net cash proceeds;
|
§
|
a $580.1 million period-to-period change in our consolidated debt obligations primarily due to the issuance of $1.25 billion and repayment of $750.0 million in principal amount of senior notes during the six months ended June 30, 2016 compared to no such issuances or repayments during the six months ended June 30, 2017. In addition, net repayments to EPO’s commercial paper program increased $86.6 million period-to-period; and
|
§ |
a $147.3 million period-to-period increase in cash distributions paid to limited partners during the six months ended June 30, 2017 when compared to the same period in 2016. The increase in cash distributions is due to increases in both the number of distribution-bearing common units outstanding and the quarterly cash distribution rates per unit.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net income attributable to limited partners (1)
|
$
|
653.7
|
$
|
558.5
|
$
|
1,414.4
|
$
|
1,219.7
|
||||||||
Adjustments to GAAP net income attributable to limited partners to derive non-GAAP distributable cash flow:
|
||||||||||||||||
Add depreciation, amortization and accretion expenses
|
406.5
|
381.3
|
808.8
|
763.4
|
||||||||||||
Add non-cash asset impairment and related charges
|
14.0
|
20.6
|
25.2
|
22.3
|
||||||||||||
Add net losses attributable to asset sales
|
0.3
|
1.7
|
--
|
6.6
|
||||||||||||
Add cash proceeds from asset sales (2)
|
1.2
|
14.5
|
3.2
|
27.9
|
||||||||||||
Add or subtract changes in fair market value of derivative instruments
|
(23.6
|
)
|
48.2
|
(43.9
|
)
|
68.3
|
||||||||||
Add changes in fair value of Liquidity Option Agreement (3)
|
18.6
|
23.3
|
24.1
|
21.1
|
||||||||||||
Add cash distributions received from unconsolidated affiliates (4)
|
127.4
|
118.7
|
229.9
|
234.5
|
||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(107.0
|
)
|
(76.4
|
)
|
(201.8
|
)
|
(177.5
|
)
|
||||||||
Subtract sustaining capital expenditures (5)
|
(62.3
|
)
|
(58.4
|
)
|
(110.3
|
)
|
(117.7
|
)
|
||||||||
Add deferred income tax expense or subtract benefit, as applicable
|
0.6
|
0.2
|
0.7
|
4.3
|
||||||||||||
Other, net
|
22.5
|
7.5
|
30.2
|
20.4
|
||||||||||||
Distributable cash flow
|
$
|
1,051.9
|
$
|
1,039.7
|
$
|
2,180.5
|
$
|
2,093.3
|
||||||||
|
||||||||||||||||
Total cash distributions paid to limited partners with respect to period
|
$
|
906.5
|
$
|
841.0
|
$
|
1,799.3
|
$
|
1,666.4
|
||||||||
|
||||||||||||||||
Cash distributions per unit declared by Enterprise GP with respect to period (6)
|
$
|
0.420
|
$
|
0.400
|
$
|
0.835
|
$
|
0.795
|
||||||||
|
||||||||||||||||
Total distributable cash flow retained by partnership with respect to period (7)
|
$
|
145.4
|
$
|
198.7
|
$
|
381.2
|
$
|
426.9
|
||||||||
|
||||||||||||||||
Distribution coverage ratio (8)
|
1.2x
|
|
1.2x
|
|
1.2x
|
|
1.3x
|
|
||||||||
(1) For a discussion of significant changes in our comparative income statement amounts underlying net income attributable to limited partners, along with the primary drivers of such changes, see “Consolidated Income Statements Highlights” within this Part I, Item 2.
(2) For a discussion of significant changes in cash proceeds from asset sales as presented in the investing activities section of our Unaudited Condensed Statements of Consolidated Cash Flows, see “Cash Flows from Operating, Investing and Financing Activities” within this Part I, Item 2.
(3) For information regarding the Liquidity Option Agreement, see Note 14 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
(4) Reflects both distributions received on earnings from unconsolidated affiliates and those attributable to a return of capital from unconsolidated affiliates. For information regarding our unconsolidated affiliates, see Note 5 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
(5) Sustaining capital expenditures are presented on an accrual basis.
(6) See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for additional information regarding our quarterly cash distributions declared with respect to the periods presented.
(7) At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these years was primarily reinvested in our growth capital spending program, which substantially reduced our reliance on the equity and debt capital markets to fund such major expenditures.
(8) Distribution coverage ratio is determined by dividing distributable cash flow by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to the period.
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net cash flows provided by operating activities
|
$
|
1,459.3
|
$
|
945.5
|
$
|
2,334.9
|
$
|
1,845.2
|
||||||||
Adjustments to reconcile net cash flows provided by operating activities
to distributable cash flow:
|
||||||||||||||||
Subtract sustaining capital expenditures
|
(62.3
|
)
|
(58.4
|
)
|
(110.3
|
)
|
(117.7
|
)
|
||||||||
Add cash proceeds from asset sales
|
1.2
|
14.5
|
3.2
|
27.9
|
||||||||||||
Net effect of changes in operating accounts
|
(370.9
|
)
|
108.2
|
(82.1
|
)
|
294.6
|
||||||||||
Other, net
|
24.6
|
29.9
|
34.8
|
43.3
|
||||||||||||
Distributable cash flow
|
$
|
1,051.9
|
$
|
1,039.7
|
$
|
2,180.5
|
$
|
2,093.3
|
|
For the Six Months
Ended June 30,
|
|||||||
|
2017
|
2016
|
||||||
Capital spending for property, plant and equipment, net: (1)
|
||||||||
Growth capital projects (2)
|
$
|
1,003.6
|
$
|
1,729.1
|
||||
Sustaining capital projects (3)
|
109.5
|
127.7
|
||||||
Investments in unconsolidated affiliates
|
24.1
|
92.4
|
||||||
Cash used for Azure acquisition
|
191.4
|
--
|
||||||
Total capital spending
|
$
|
1,328.6
|
$
|
1,949.2
|
||||
(1) On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements are associated with pipeline construction projects and production well tie-ins. Contributions in aid of construction costs were $29.6 million and $23.6 million for the six months ended June 30, 2017 and 2016, respectively. Growth and sustaining capital amounts presented in the table above are presented on a cash basis and net of related contributions in aid of construction costs.
(2) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows.
(3) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings.
|
§
|
Growth capital spending at our Mont Belvieu complex decreased $284.0 million period-to-period primarily due to lower spending for our PDH facility as it nears completion. We expect the PDH facility, which is currently in the commissioning stage, to begin operations during the third quarter of 2017;
|
§
|
Growth capital spending for crude oil assets at our EHT, Beaumont Marine West and ECHO terminals decreased a combined $160.5 million period-to-period primarily due to the completion of new storage tanks and related assets at these facilities during 2016;
|
§
|
Growth capital spending at EHT for LPG export-related expansion projects and at our Morgan’s Point Ethane Export Terminal decreased a combined $147.5 million period-to-period. In September 2016, we placed our Morgan’s Point Ethane Export Terminal into service;
|
§
|
Growth capital spending for our ethane header system between Corpus Christi, Texas and the Mississippi River in Louisiana decreased $77.1 million period-to-period;
|
§
|
Growth capital spending at our natural gas processing plants in Louisiana and Mississippi decreased $35.0 million period-to-period; and
|
§
|
Growth capital spending for expansion projects on our EFS Midstream system in South Texas decreased $31.9 million period-to-period.
|
§ |
depreciation methods and estimated useful lives of property, plant and equipment;
|
§ |
measuring recoverability of long-lived assets and equity method investments;
|
§ |
amortization methods and estimated useful lives of qualifying intangible assets;
|
§ |
methods we employ to measure the fair value of goodwill; and
|
§ |
revenue recognition policies and the use of estimates for revenue and expenses.
|
§ |
the derivative instrument functions effectively as a hedge of the underlying risk;
|
§ |
the derivative instrument is not closed out in advance of its expected term; and
|
§ |
the hedged forecasted transaction occurs within the expected time period.
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
16.4
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (MMBbls)
|
2.3
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Forecasted purchases of natural gas for fuel (Bcf)
|
3.0
|
n/a
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
3.5
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
70.4
|
0.1
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
85.3
|
0.9
|
Cash flow hedge
|
NGLs inventory management activities (MMBbls)
|
1.4
|
n/a
|
Fair value hedge
|
Refined products marketing:
|
|
||
Forecasted sales of refined products (MMBbls)
|
0.1
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
4.8
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
7.6
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
12.7
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (Bcf) (3,4)
|
169.2
|
20.4
|
Mark-to-market
|
NGL risk management activities (MMBbls) (4)
|
9.7
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
35.3
|
17.5
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2018, December 2017 and March 2020, respectively.
(3) Current and long-term volumes include 61.0 Bcf and 9.3 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§ |
The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices through the use of derivative instruments and related contracts.
|
§ |
The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing fixed-price sales for a portion of our expected equity NGL production using derivative instruments and related contracts. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged using derivative instruments and related contracts.
|
§ |
The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of derivative instruments and related contracts.
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2016
|
June 30,
2017
|
July 14,
2017
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(5.3
|
)
|
$
|
(2.8
|
)
|
$
|
(0.9
|
)
|
|||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(9.7
|
)
|
(5.9
|
)
|
(3.8
|
)
|
||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
(0.9
|
)
|
0.3
|
2.1
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2016
|
June 30,
2017
|
July 14,
2017
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(150.3
|
)
|
$
|
29.3
|
$
|
14.3
|
|||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(227.7
|
)
|
(16.3
|
)
|
(32.7
|
)
|
||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
(73.0
|
)
|
75.0
|
61.3
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2016
|
June 30,
2017
|
July 14,
2017
|
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
(42.4
|
)
|
$
|
7.1
|
$
|
8.3
|
|||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(80.0
|
)
|
(26.0
|
)
|
(23.7
|
)
|
||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
(4.7
|
)
|
40.1
|
40.2
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|
Senior Notes OO
|
10 fixed-to-floating swaps
|
$
|
750.0
|
5/2015 to 5/2018
|
1.65% to 1.66%
|
Fair value hedge
|
|
|
Interest Rate Swap
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2016
|
June 30,
2017
|
July 14,
2017
|
|||||||||
Fair value assuming no change in underlying interest rates
|
Asset (Liability)
|
$
|
(0.8
|
)
|
$
|
(1.6
|
)
|
$
|
(1.4
|
)
|
|||
Fair value assuming 10% increase in underlying interest rates
|
Asset (Liability)
|
(2.0
|
)
|
(2.4
|
)
|
(2.2
|
)
|
||||||
Fair value assuming 10% decrease in underlying interest rates
|
Asset (Liability)
|
0.4
|
(0.8
|
)
|
(0.6
|
)
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Expected
Settlement
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
|
Future long-term debt offering
|
4 forward starting swaps
|
$
|
275.0
|
5/2018 | 2.02% |
Cash flow hedge
|
|
|
Forward Starting Swap
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2016
|
June 30,
2017
|
July 14
2017
|
|||||||||
Fair value assuming no change in underlying interest rates
|
Asset (Liability)
|
$
|
36.2
|
$
|
31.7
|
$
|
33.8
|
||||||
Fair value assuming 10% increase in underlying interest rates
|
Asset (Liability)
|
49.3
|
44.7
|
46.9
|
|||||||||
Fair value assuming 10% decrease in underlying interest rates
|
Asset (Liability)
|
22.1
|
17.7
|
19.7
|
(i) |
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
|
(ii) |
that our disclosure controls and procedures are effective.
|
Period
|
Total Number
of Units
Purchased
|
Average
Price Paid
per Unit
|
Total Number of
Units Purchased
as Part of Publicly
Announced Plans
|
Maximum
Number of Units
That May Yet
Be Purchased
Under the Plans
|
||||||||||||
Vesting of restricted unit awards:
|
||||||||||||||||
February 2017 (1)
|
225,751
|
$
|
28.77
|
--
|
--
|
|||||||||||
May 2017 (2)
|
742
|
$
|
27.45
|
--
|
--
|
|||||||||||
Vesting of phantom unit awards:
|
||||||||||||||||
February 2017 (3)
|
720,393
|
$
|
28.82
|
--
|
--
|
|||||||||||
March 2017 (4)
|
147
|
$
|
27.58
|
--
|
--
|
|||||||||||
May 2017 (5)
|
39,653
|
$
|
27.40
|
--
|
--
|
|||||||||||
(1) Of the 665,920 restricted common unit awards that vested in February 2017 and converted to common units, 225,751 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 2,550 restricted common unit awards that vested in May 2017 and converted to common units, 742 units were sold back to us by employees to cover related withholding tax requirements.
(3) Of the 2,233,617 phantom unit awards that vested in February 2017 and converted to common units, 720,393 units were sold back to us by employees to cover related withholding tax requirements.
(4) Of the 450 phantom unit awards that vested in March 2017 and converted to common units, 147 units were sold back to us by employees to cover related withholding tax requirements.
(5) Of the 117,369 phantom unit awards that vested in May 2017 and converted to common units, 39,653 units were sold back to us by employees to cover related withholding tax requirements.
|
Exhibit
Number
|
Exhibit*
|
2.1
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003).
|
2.2
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004).
|
2.3
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003).
|
2.4
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 21, 2004).
|
2.5
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003).
|
2.6
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed June 29, 2009).
|
2.7
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed June 29, 2009).
|
2.8
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise ETE LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2010).
|
2.9
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products GP, LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed September 7, 2010).
|
2.10
|
Contribution Agreement, dated as of September 30, 2010, by and between Enterprise Products Company and Enterprise Products Partners L.P. (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2010).
|
2.11
|
Agreement and Plan of Merger, dated as of April 28, 2011, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPD MergerCo LLC, Duncan Energy Partners L.P. and DEP Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 29, 2011).
|
2.12
|
Contribution and Purchase Agreement, dated as of October 1, 2014, by and among Enterprise Products Partners L.P., Oiltanking Holding Americas, Inc. and OTB Holdco, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2014).
|
2.13
|
Agreement and Plan of Merger, dated as of November 11, 2014, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPOT MergerCo LLC, Oiltanking Partners, L.P. and OTLP GP, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed November 12, 2014).
|
3.1
|
Certificate of Limited Partnership of Enterprise Products Partners L.P. (incorporated by reference to Exhibit 3.6 to Form 10-Q filed November 9, 2007).
|
3.2
|
Certificate of Amendment to Certificate of Limited Partnership of Enterprise Products Partners L.P., filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.6 to Form 8-K filed November 23, 2010).
|
3.3
|
Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated November 22, 2010 (incorporated by reference to Exhibit 3.2 to Form 8-K filed November 23, 2010).
|
3.4
|
Amendment No. 1 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 11, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
3.5
|
Amendment No. 2 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 21, 2014 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 26, 2014).
|
3.6
|
Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC) (incorporated by reference to Exhibit 3.3 to Form S-1/A Registration Statement, Reg. No. 333-124320, filed by Enterprise GP Holdings L.P. on July 22, 2005).
|
3.7
|
Certificate of Amendment to Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC), filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.5 to Form 8-K filed November 23, 2010).
|
3.8
|
Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC dated effective as of September 7, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed September 8, 2011).
|
3.9
|
Amendment No. 1 to Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC, dated effective as of April 26, 2017 (incorporated by reference to Exhibit 3.1 to Form 8-K filed May 2, 2017).
|
3.10
|
Company Agreement of Enterprise Products Operating LLC dated June 30, 2007 (incorporated by reference to Exhibit 3.3 to Form 10-Q filed August 8, 2007).
|
3.11
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
3.12
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
4.1
|
Form of Common Unit certificate (incorporated by reference to Exhibit A to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
4.2
|
Indenture, dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 14, 2000).
|
4.3
|
Second Supplemental Indenture, dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003).
|
4.4
|
Third Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and U.S. Bank National Association, as successor Trustee (incorporated by reference to Exhibit 4.55 to Form 10-Q filed August 8, 2007).
|
4.5
|
Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 6, 2004).
|
4.6
|
Fourth Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 6, 2004).
|
4.7
|
Sixth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 3, 2005).
|
4.8
|
Eighth Supplemental Indenture, dated as of July 18, 2006, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.9
|
Ninth Supplemental Indenture, dated as of May 24, 2007, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed May 24, 2007).
|
4.10
|
Tenth Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.54 to Form 10-Q filed August 8, 2007).
|
4.11
|
Eleventh Supplemental Indenture, dated as of September 4, 2007, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed September 5, 2007).
|
4.12
|
Thirteenth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.13
|
Sixteenth Supplemental Indenture, dated as of October 5, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.14
|
Seventeenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 28, 2009).
|
4.15
|
Eighteenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 28, 2009).
|
4.16
|
Nineteenth Supplemental Indenture, dated as of May 20, 2010, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 20, 2010).
|
4.17
|
Twentieth Supplemental Indenture, dated as of January 13, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed January 13, 2011).
|
4.18
|
Twenty-First Supplemental Indenture, dated as of August 24, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 24, 2011).
|
4.19
|
Twenty-Second Supplemental Indenture, dated as of February 15, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed May 10, 2012).
|
4.20
|
Twenty-Third Supplemental Indenture, dated as of August 13, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 13, 2012).
|
4.21
|
Twenty-Fourth Supplemental Indenture, dated as of March 18, 2013, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 18, 2013).
|
4.22
|
Twenty-Fifth Supplemental Indenture, dated as of February 12, 2014, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed February 12, 2014).
|
4.23
|
Twenty-Sixth Supplemental Indenture, dated as of October 14, 2014, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 14, 2014).
|
4.24
|
Twenty-Seventh Supplemental Indenture, dated as of May 7, 2015, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 7, 2015).
|
4.25
|
Twenty-Eighth Supplemental Indenture, dated as of April 13, 2016, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 13, 2016).
|
4.26
|
Form of Global Note representing $499.2 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 10-K filed March 31, 2003).
|
4.27
|
Form of Global Note representing $350.0 million principal amount of 6.65% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.28
|
Form of Global Note representing $250.0 million principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed November 4, 2005).
|
4.29
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.30
|
Form of Global Note representing $800.0 million principal amount of 6.30% Senior Notes due 2017 with attached Guarantee (incorporated by reference to Exhibit 4.38 to Form 10-Q filed November 9, 2007).
|
4.31
|
Form of Global Note representing $700.0 million principal amount of 6.50% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.32
|
Form of Global Note representing $500.0 million principal amount of 5.25% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.33
|
Form of Global Note representing $600.0 million principal amount of 6.125% Senior Notes due 2039 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.34
|
Form of Global Note representing $349.7 million principal amount of 6.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.6 to Form 8-K filed October 28, 2009).
|
4.35
|
Form of Global Note representing $399.6 million principal amount of 7.55% Senior Notes due 2038 with attached Guarantee (incorporated by reference to Exhibit 4.7 to Form 8-K filed October 28, 2009).
|
4.36
|
Form of Global Note representing $285.8 million principal amount of 7.000% Junior Subordinated Notes due 2067 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 8-K filed October 28, 2009).
|
4.37
|
Form of Global Note representing $1.0 billion principal amount of 5.20% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.38
|
Form of Global Note representing $600.0 million principal amount of 6.45% Senior Notes due 2040 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.39
|
Form of Global Note representing $750.0 million principal amount of 3.20% Senior Notes due 2016 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.40
|
Form of Global Note representing $750.0 million principal amount of 5.95% Senior Notes due 2041 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.41
|
Form of Global Note representing $650.0 million principal amount of 4.05% Senior Notes due 2022 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.42
|
Form of Global Note representing $600.0 million principal amount of 5.70% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.43
|
Form of Global Note representing $750.0 million principal amount of 4.85% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed May 10, 2012).
|
4.44
|
Form of Global Note representing $1.1 billion principal amount of 4.45% Senior Notes due 2043 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.45
|
Form of Global Note representing $1.25 billion principal amount of 3.35% Senior Notes due 2023 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.46
|
Form of Global Note representing $1.0 billion principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.47
|
Form of Global Note representing $850.0 million principal amount of 3.90% Senior Notes due 2024 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.48
|
Form of Global Note representing $1.15 billion principal amount of 5.10% Senior Notes due 2045 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.49
|
Form of Global Note representing $800.0 million principal amount of 2.55% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.50
|
Form of Global Note representing $1.15 billion principal amount of 3.75% Senior Notes due 2025 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.51
|
Form of Global Note representing $400.0 million principal amount of 4.95% Senior Notes due 2054 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.52
|
Form of Global Note representing $400.0 million principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.53
|
Form of Global Note representing $750.0 million principal amount of 1.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.54
|
Form of Global Note representing $875.0 million principal amount of 3.70% Senior Notes due 2026 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.55
|
Form of Global Note representing $875.0 million principal amount of 4.90% Senior Notes due 2046 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.56
|
Form of Global Note representing $575.0 million principal amount of 2.85% Senior Notes due 2021 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed April 13, 2016).
|
4.57
|
Form of Global Note representing $575.0 million principal amount of 3.95% Senior Notes due 2027 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed April 13, 2016).
|
4.58
|
Form of Global Note representing $100.0 million principal amount of 4.90% Senior Notes due 2046 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed April 13, 2016).
|
4.59
|
Replacement Capital Covenant, dated July 18, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed July 19, 2006).
|
4.60
|
First Amendment to Replacement Capital Covenant dated August 25, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 25, 2006).
|
4.61
|
Replacement Capital Covenant, dated May 24, 2007, executed by Enterprise Products Operating L.P. and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed May 24, 2007).
|
4.62
|
Replacement Capital Covenant, dated October 27, 2009, executed by Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.9 to Form 8-K filed October 28, 2009).
|
4.63
|
Amendment to Replacement Capital Covenants, dated May 6, 2015, executed by Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.59 to Form 10-Q filed May 8, 2015).
|
4.64
|
Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.2 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.65
|
Second Supplemental Indenture, dated June 27, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Initial Subsidiary Guarantors, Val Verde Gas Gathering Company, L.P., as New Subsidiary Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.6 to the Form 10-Q filed by TEPPCO Partners, L.P. on August 14, 2002).
|
4.66
|
Full Release of Guarantee, dated July 31, 2006, by Wachovia Bank, National Association, as Trustee, in favor of Jonah Gas Gathering Company (incorporated by reference to Exhibit 4.8 to the Form 10-Q filed by TEPPCO Partners, L.P. on November 7, 2006).
|
4.67
|
Fourth Supplemental Indenture, dated June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Val Verde Gas Gathering Company, L.P., TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.68
|
Sixth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.12 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.69
|
Seventh Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.13 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.70
|
Eighth Supplemental Indenture, dated October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.71
|
Full Release of Guarantee, dated November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.64 to Form 10-K filed March 1, 2010).
|
4.72
|
Indenture, dated May 14, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 99.1 of the Form 8-K filed by TEPPCO Partners, L.P. on May 15, 2007).
|
4.73
|
First Supplemental Indenture, dated May 18, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on May 18, 2007).
|
4.74
|
Second Supplemental Indenture, dated as of June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Existing Subsidiary Guarantors, TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as New Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.75
|
Third Supplemental Indenture, dated as of October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.76
|
Full Release of Guarantee, dated as of November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.70 to Form 10-K filed March 1, 2010).
|
4.77
|
Registration Rights Agreement by and between Enterprise Products Partners L.P. and Oiltanking Holding Americas, Inc. dated as of October 1, 2014 (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 1, 2014).
|
12.1#
|
Computation of ratio of earnings to fixed charges for the six months ended June 30, 2017 and each of the years ended December 31, 2016, 2015, 2014, 2013 and 2012.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of A. James Teague for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the six months ended June 30, 2017.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the six months ended June 30, 2017.
|
31.3#
|
Sarbanes-Oxley Section 302 certification of Bryan F. Bulawa for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the six months ended June 30, 2017.
|
32.1#
|
Sarbanes-Oxley Section 906 certification of A. James Teague for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the six months ended June 30, 2017.
|
32.2#
|
Sarbanes-Oxley Section 906 certification of W. Randall Fowler for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the six months ended June 30, 2017.
|
32.3#
|
Sarbanes-Oxley Section 906 certification of Bryan F. Bulawa for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the six months ended June 30, 2017.
|
101.CAL#
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
XBRL Definition Linkbase Document
|
101.INS#
|
XBRL Instance Document
|
101.LAB#
|
XBRL Labels Linkbase Document
|
101.PRE#
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
XBRL Schema Document
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
***
|
Identifies management contract and compensatory plan arrangements.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
(A Delaware Limited Partnership)
|
|||
By:
|
Enterprise Products Holdings LLC, as General Partner
|
||
By:
|
/s/ R. Daniel Boss
|
||
Name:
|
R. Daniel Boss
|
||
Title:
|
Senior Vice President-Accounting and Risk Control
of the General Partner
|
||
By:
|
/s/ Michael W. Hanson
|
||
Name:
|
Michael W. Hanson
|
||
Title:
|
Vice President and Principal Accounting Officer
of the General Partner
|
For the Six
Months Ended
June 30, 2017
|
For the Year Ended December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
|||||||||||||||||||||
Consolidated income
|
$
|
1,437.0
|
$
|
2,553.0
|
$
|
2,558.4
|
$
|
2,833.5
|
$
|
2,607.1
|
$
|
2,428.0
|
|||||||||||||
Add:
|
Provision for (benefit from) taxes
|
14.7
|
23.4
|
(2.5
|
)
|
23.1
|
57.5
|
(17.2
|
)
|
||||||||||||||||
Less:
|
Equity in earnings from unconsolidated
affiliates |
(201.8
|
)
|
(362.0
|
)
|
(373.6
|
)
|
(259.5
|
)
|
(167.3
|
)
|
(64.3
|
)
|
||||||||||||
Consolidated pre-tax income before equity in
earnings from unconsolidated affiliates
|
1,249.9
|
2,214.4
|
2,182.3
|
2,597.1
|
2,497.3
|
2,346.5
|
|||||||||||||||||||
Add:
|
Fixed charges
|
596.6
|
1,187.5
|
1,145.7
|
1,030.3
|
964.7
|
920.3
|
||||||||||||||||||
Amortization of capitalized interest
|
14.3
|
27.4
|
26.2
|
25.1
|
22.8
|
20.3
|
|||||||||||||||||||
Distributed income of equity investees
|
205.1
|
380.5
|
462.1
|
375.1
|
251.6
|
116.7
|
|||||||||||||||||||
Subtotal
|
2,065.9
|
3,809.8
|
3,816.3
|
4,027.6
|
3,736.4
|
3,403.8
|
|||||||||||||||||||
Less:
|
Capitalized interest
|
(84.1
|
)
|
(168.2
|
)
|
(149.1
|
)
|
(77.9
|
)
|
(133.0
|
)
|
(116.8
|
)
|
||||||||||||
Net income attributable to noncontrolling interests
|
(22.6
|
)
|
(39.9
|
)
|
(37.2
|
)
|
(46.1
|
)
|
(10.2
|
)
|
(8.1
|
)
|
|||||||||||||
Total earnings
|
$
|
1,959.2
|
$
|
3,601.7
|
$
|
3,630.0
|
$
|
3,903.6
|
$
|
3,593.2
|
$
|
3,278.9
|
|||||||||||||
Fixed charges:
|
|||||||||||||||||||||||||
Interest expense
|
$
|
495.1
|
$
|
982.6
|
$
|
961.8
|
$
|
921.0
|
$
|
802.5
|
$
|
771.8
|
|||||||||||||
Capitalized interest
|
84.1
|
168.2
|
149.1
|
77.9
|
133.0
|
116.8
|
|||||||||||||||||||
Interest portion of rental expense
|
17.4
|
36.7
|
34.8
|
31.4
|
29.2
|
31.7
|
|||||||||||||||||||
Total
|
$
|
596.6
|
$
|
1,187.5
|
$
|
1,145.7
|
$
|
1,030.3
|
$
|
964.7
|
$
|
920.3
|
|||||||||||||
Ratio of earnings to fixed charges
|
3.3x
|
|
3.0x
|
|
3.2x
|
|
3.8x
|
|
3.7x
|
|
3.6x
|
|
·
|
consolidated pre-tax income from continuing operations before adjustment for income or loss from equity investees;
|
·
|
fixed charges;
|
·
|
amortization of capitalized interest;
|
·
|
distributed income of equity investees; and
|
·
|
our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
|
·
|
interest capitalized;
|
·
|
preference security dividend requirements of consolidated subsidiaries; and
|
·
|
the noncontrolling interests in pre-tax income of subsidiaries that have not incurred fixed charges.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ W. Randall Fowler
|
||
Name:
|
W. Randall Fowler
|
|
Title:
|
President of Enterprise Products Holdings LLC, the General Partner
of Enterprise Products Partners L.P.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Bryan F. Bulawa
|
||
Name:
|
Bryan F. Bulawa
|
|
Title:
|
Chief Financial Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ A. James Teague
|
||
Name:
|
A. James Teague
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ W. Randall Fowler
|
||
Name:
|
W. Randall Fowler
|
|
Title:
|
President of Enterprise Products Holdings LLC, the General Partner
of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Bryan F. Bulawa
|
||
Name:
|
Bryan F. Bulawa
|
|
Title:
|
Chief Financial Officer of Enterprise Products Holdings LLC, the
General Partner of Enterprise Products Partners L.P.
|
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 31, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ENTERPRISE PRODUCTS PARTNERS L P | |
Entity Central Index Key | 0001061219 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 2,148,986,109 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 12.1 | $ 11.3 |
Intangible assets, accumulated amortization | $ 1,483.9 | $ 1,403.1 |
Limited partners: | ||
Common units outstanding (in units) | 2,148,035,389 | 2,117,588,414 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Revenues: | ||||
Third parties | $ 6,597.7 | $ 5,604.6 | $ 13,907.3 | $ 10,594.3 |
Related parties | 9.9 | 13.2 | 20.7 | 28.8 |
Total revenues | 6,607.6 | 5,617.8 | 13,928.0 | 10,623.1 |
Operating costs and expenses: | ||||
Third parties | 5,457.6 | 4,551.9 | 11,539.2 | 8,418.2 |
Related parties | 272.6 | 270.3 | 524.2 | 550.9 |
Total operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
General and administrative costs: | ||||
Third parties | 16.0 | 6.6 | 36.7 | 20.9 |
Related parties | 29.7 | 28.5 | 59.4 | 58.1 |
Total general and administrative costs | 45.7 | 35.1 | 96.1 | 79.0 |
Total costs and expenses | 5,775.9 | 4,857.3 | 12,159.5 | 9,048.1 |
Equity in income of unconsolidated affiliates | 107.0 | 76.4 | 201.8 | 177.5 |
Operating income | 938.7 | 836.9 | 1,970.3 | 1,752.5 |
Other income (expense): | ||||
Interest expense | (245.8) | (244.1) | (495.1) | (484.7) |
Change in fair market value of Liquidity Option Agreement | (18.6) | (23.3) | (24.1) | (21.1) |
Other, net | 0.4 | 0.4 | 0.6 | 1.8 |
Total other expense, net | (264.0) | (267.0) | (518.6) | (504.0) |
Income before income taxes | 674.7 | 569.9 | 1,451.7 | 1,248.5 |
Benefit from (provision for) income taxes | (8.7) | 0.1 | (14.7) | (8.3) |
Net income | 666.0 | 570.0 | 1,437.0 | 1,240.2 |
Net income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 |
Earnings per unit: | ||||
Basic earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 |
Diluted earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
STATEMENTS OF UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME | ||||
Net income | $ 666.0 | $ 570.0 | $ 1,437.0 | $ 1,240.2 |
Commodity derivative instruments: | ||||
Changes in fair value of cash flow hedges | 30.4 | (73.7) | 175.2 | (74.9) |
Reclassification of losses (gains) to net income | (46.0) | 35.4 | (38.9) | (21.8) |
Interest rate derivative instruments: | ||||
Changes in fair value of cash flow hedges | (6.9) | (9.4) | (4.5) | (9.4) |
Reclassification of losses to net income | 10.0 | 9.2 | 19.6 | 18.4 |
Total cash flow hedges | (12.5) | (38.5) | 151.4 | (87.7) |
Other | 0.0 | 0.0 | (0.1) | (0.1) |
Total other comprehensive income (loss) | (12.5) | (38.5) | 151.3 | (87.8) |
Comprehensive income | 653.5 | 531.5 | 1,588.3 | 1,152.4 |
Comprehensive income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Comprehensive income attributable to limited partners | $ 641.2 | $ 520.0 | $ 1,565.7 | $ 1,131.9 |
Partnership Operations, Organization and Basis for Presentation |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Partnership Operations and Organization [Abstract] | |
Partnership Operations and Organization | With the exception of per unit amounts, or as noted within the context of each disclosure, the dollar amounts presented in the tabular data within these disclosures are stated in millions of dollars. KEY REFERENCES USED IN THESE NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Unless the context requires otherwise, references to “we,” “us,” “our,” “Enterprise” or “Enterprise Products Partners” are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries. References to “EPO” mean Enterprise Products Operating LLC, which is a wholly owned subsidiary of Enterprise, and its consolidated subsidiaries, through which Enterprise Products Partners L.P. conducts its business. Enterprise is managed by its general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company. The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors (the “Board”) of Enterprise GP; (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board of Enterprise GP; and (iii) Dr. Ralph S. Cunningham. Ms. Duncan Williams and Mr. Bachmann also currently serve as managers of Dan Duncan LLC along with W. Randall Fowler, who is also a director and President of Enterprise GP. References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. A majority of the outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Dr. Cunningham, who serves as Vice Chairman of EPCO; and (iii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO. Ms. Duncan Williams and Mr. Bachmann also currently serve as directors of EPCO along with Mr. Fowler, who is also the Executive Vice President and Chief Administrative Officer of EPCO. EPCO, together with its privately held affiliates, owned approximately 32% of our limited partner interests at June 30, 2017. References to “Oiltanking acquisition” mean the two-step acquisition of Oiltanking Partners, L.P. and its general partner that was completed in February 2015. References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009. Note 1. Partnership Operations, Organization and Basis of Presentation We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “EPD.” We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. Our integrated midstream energy asset network links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States (“U.S.”), Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations currently include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and export and import terminals (including those used to export liquefied petroleum gases, or “LPG,” and ethane); crude oil gathering, transportation, storage, and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals, and related services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems. Our assets currently include approximately 50,000 miles of pipelines; 260 million barrels (“MMBbls”) of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet (“Bcf”) of natural gas storage capacity. We conduct substantially all of our business through EPO and are owned 100% by our limited partners from an economic perspective. Enterprise GP manages our partnership and owns a non-economic general partner interest in us. We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. See Note 13 for information regarding the ASA and other related party matters. Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. See Note 9 for information regarding our business segments. |
General Accounting and Disclosure Matters |
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Jun. 30, 2017 | |
General Accounting Matters [Abstract] | |
General Accounting Matters | Note 2. General Accounting and Disclosure Matters Our results of operations for the six months ended June 30, 2017 are not necessarily indicative of results expected for the full year of 2017. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2016 (the “2016 Form 10-K”) filed with the SEC on February 24, 2017. Contingencies Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. Derivative Instruments We use derivative instruments such as futures, swaps, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 12 for additional information regarding our derivative instruments. Estimates Preparing our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. Fair Value Measurements Our fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk, in the principal market of the asset or liability at a specified measurement date. Recognized valuation techniques employ inputs such as contractual prices, quoted market prices or rates, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the highest extent possible. Accordingly, we utilize valuation techniques (such as the market approach) that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Recent Developments involving Accounting for Revenues and Leases Revenue Recognition. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification 606, Revenues from Contracts with Customers (“ASC 606”). The new accounting standard, along with its related amendments, replaces the current rules-based U.S. GAAP governing revenue recognition with a principles-based approach. We plan to adopt the new standard on January 1, 2018 using a modified retrospective approach, which requires us to apply the new revenue standard to (i) all new revenue contracts entered into after January 1, 2018 and (ii) all existing revenue contracts as of January 1, 2018 through a cumulative adjustment to equity. In accordance with this approach, our consolidated revenues for periods prior to January 1, 2018 will not be revised. The core principle in the new guidance is that a company should recognize revenue in a manner that fairly depicts the transfer of goods or services to customers in amounts that reflect the consideration the company expects to receive for those goods or services. In order to apply this core principle, companies will apply the following five steps in determining the amount of revenues to recognize: (i) identify the contract; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. Each of these steps involves management’s judgment and an analysis of the contract’s material terms and conditions. Our implementation activities related to ASC 606 are ongoing. For the vast majority of our businesses, we do not anticipate that there will be material differences in the amount or timing of revenues recognized following the new standard’s adoption date. However, we continue to evaluate the guidance under ASC 606 applicable to natural gas processing agreements where non-cash consideration is received for services rendered (e.g., equity NGL volumes received under percent of liquids, keepwhole and similar arrangements). As a result of adopting the new standard, there will be significant changes to our disclosures based on the additional requirements prescribed by ASC 606. These new disclosures include information regarding the significant judgments used in evaluating when and how revenue is (or will be) recognized and data related to contract assets and liabilities. Additionally, we are currently evaluating our business processes, systems and controls to ensure the accuracy and timeliness of the recognition and disclosure requirements under the new revenue guidance. Leases. In February 2016, the FASB issued ASC 842, Leases (“ASC 842”), which requires substantially all leases (with the exception of leases with a term of one year or less) to be recorded on the balance sheet using a method referred to as the right-of-use (“ROU”) asset approach. We plan to adopt the new standard on January 1, 2019 using a modified retrospective approach. The new standard introduces two lease accounting models, which result in a lease being classified as either a “finance” or “operating” lease on the basis of whether the lessee effectively obtains control of the underlying asset during the lease term. A lease would be classified as a finance lease if it meets one of five classification criteria, four of which are generally consistent with current lease accounting guidance. By default, a lease that does not meet the criteria to be classified as a finance lease will be deemed an operating lease. Regardless of classification, the initial measurement of both lease types will result in the balance sheet recognition of a ROU asset representing a company’s right to use the underlying asset for a specified period of time and a corresponding lease liability. The lease liability will be recognized at the present value of the future lease payments, and the ROU asset will equal the lease liability adjusted for any prepaid rent, lease incentives provided by the lessor, and any indirect costs. The subsequent measurement of each type of lease varies. Leases classified as a finance lease will be accounted for using the effective interest method. Under this approach, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and the discount on the lease liability (as a component of interest expense). Leases classified as an operating lease will result in the recognition of a single lease expense amount that is recorded on a straight-line basis (or another systematic basis, if more appropriate). We have started the process of reviewing our lease agreements in light of the new guidance. Although we are in the early stages of our ASC 842 implementation project, we anticipate that this new lease guidance will cause significant changes to the way leases are recorded, presented and disclosed in our consolidated financial statements. Restricted Cash Restricted cash represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil and refined products. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. At June 30, 2017 and December 31, 2016, our restricted cash amounts were $35.4 million and $354.5 million, respectively. The balance of restricted cash decreased since December 31, 2016 primarily due to the settlement of derivative instruments related to contango positions during 2017. See Note 12 for information regarding our derivative instruments and hedging activities. Impact of ASU 2016-18. The FASB recently issued an amendment, ASU 2016-18, to Topic 230, Statement of Cash Flows, that standardizes the presentation of transfers to and from restricted cash within the cash flow statement. As a result, the cash flow statement will present changes in total cash amounts, regardless of whether the cash balances are restricted or unrestricted. The new guidance does not affect the separate presentation of restricted and unrestricted (i.e., cash and cash equivalents) amounts on the balance sheet. Furthermore, this change in financial statement presentation will not impact our consolidated liquidity. We intend to adopt the new cash flow statement guidance on December 31, 2017 by retrospectively adjusting our consolidated cash flow statements to eliminate the presentation of cash inflows and outflows associated with restricted cash that were historically shown in the investing activities section. |
Inventories |
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Inventories | Note 3. Inventories Our inventory amounts by product type were as follows at the dates indicated:
Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
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Property, Plant and Equipment |
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Property, Plant and Equipment | Note 4. Property, Plant and Equipment The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated:
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
Azure Acquisition In April 2017, we closed the acquisition of a midstream energy business from Azure Midstream Partners, LP and its operating subsidiaries (collectively, “Azure”) for $191.4 million in cash. The acquired business assets, which are located primarily in East Texas, include over 730 miles of natural gas gathering pipelines and two natural gas processing facilities with an aggregate processing capacity of 130 million cubic feet per day. The acquired business serves production from the Haynesville Shale and Bossier, Cotton Valley and Travis Peak formations. The financial results of the acquired business are reflected in our consolidated results from April 30, 2017, which was the effective date of the Azure acquisition. On a historical pro forma consolidated basis, our revenues, costs and expenses, operating income, net income attributable to Enterprise Products Partners L.P., and earnings per unit amounts for the three and six months ended June 30, 2016 and 2017 would not have differed materially from those we actually reported had the Azure acquisition been completed on January 1, 2016 rather than April 30, 2017. The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the Azure acquisition at April 30, 2017. The allocation remains provisional due to ongoing efforts to clarify certain environmental liabilities (estimated at $2.2 million), which are expected to be resolved by December 31, 2017.
The contribution of this newly acquired business to our consolidated revenues and net income was not material for the second quarter of 2017. Asset Retirement Obligations We record asset retirement obligations (“AROs”) in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. Our contractual AROs primarily result from right-of-way agreements associated with our pipeline operations and real estate leases associated with our plant sites. In addition, we record AROs in connection with governmental regulations associated with the abandonment or retirement of above-ground brine storage pits and certain marine vessels. We also record AROs in connection with regulatory requirements associated with the renovation or demolition of certain assets containing hazardous substances such as asbestos. We typically fund our AROs using cash flow from operations. Property, plant and equipment at June 30, 2017 and December 31, 2016 includes $40.3 million and $44.9 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents information regarding our AROs since January 1, 2017:
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Investments in Unconsolidated Affiliates |
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Investments in Unconsolidated Affiliates | Note 5. Investments in Unconsolidated Affiliates The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated:
Excess Cost On occasion, the price we pay to acquire an ownership interest in a company exceeds the underlying carrying value of the capital accounts we acquire. These excess cost amounts are attributable to the fair value of the underlying tangible assets of these entities exceeding their respective book carrying values at the time of our acquisition of ownership interests in these entities. We amortize such excess cost amounts as a reduction to equity earnings in a manner similar to depreciation. The following table presents our unamortized excess cost amounts by business segment at the dates indicated:
Amortization of excess cost amounts were $0.5 million and $0.6 million for the three months ended June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, amortization of excess costs amounts were $1.0 million and $1.1 million, respectively. Summarized Combined Financial Information of Unconsolidated Affiliates Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis):
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Intangible Assets and Goodwill |
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Intangible Assets and Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Note 6. Intangible Assets and Goodwill Identifiable Intangible Assets The following table summarizes our intangible assets by business segment at the dates indicated:
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:
Goodwill Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2016 Form 10-K. |
Debt Obligations |
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Debt Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations | Note 7. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2017:
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2017 for the next five years, and in total thereafter:
Parent-Subsidiary Guarantor Relationships Enterprise Products Partners L.P. acts as guarantor of the consolidated debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. Letters of Credit At June 30, 2017, EPO had $66.4 million of letters of credit outstanding primarily related to our commodity hedging activities. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2017. |
Equity and Distributions |
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Equity and Distributions | Note 8. Equity and Distributions Partners’ Equity Partners’ equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) outstanding. The following table summarizes changes in the number of our outstanding units from January 1, 2017 to June 30, 2017:
The net cash proceeds we received from the issuance of common units during the six months ended June 30, 2017 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and revolving credit facilities and for general company purposes. We expect to issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital spending. Universal shelf registration statement. We have a universal shelf registration statement (the “2016 Shelf”) on file with the SEC. The 2016 Shelf allows Enterprise Products Partners L.P. and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. At-the-Market (“ATM”) program. We have a registration statement on file with the SEC covering the issuance of up to $1.89 billion of our common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings in connection with our ATM program. Pursuant to this program, we may sell common units under an equity distribution agreement between Enterprise Products Partners L.P. and certain broker-dealers from time-to-time by means of ordinary brokers’ transactions through the NYSE at market prices, in block transactions or as otherwise agreed to with the broker-dealer parties to the agreement. During the six months ended June 30, 2017, we sold 20,857,006 common units under the ATM program for aggregate gross proceeds of $577.3 million. After taking into account applicable costs, our transactions under the ATM program resulted in aggregate net cash proceeds of $571.8 million during the six months ended June 30, 2017. During the six months ended June 30, 2016, we issued 68,645,180 common units under this program for aggregate gross cash proceeds of $1.66 billion, resulting in total net cash proceeds of $1.65 billion. This includes 3,830,256 common units sold in January 2016 to a privately held affiliate of EPCO, which generated gross proceeds of $100 million. After taking into account the aggregate sales price of common units sold under the ATM program through June 30, 2017, we have the capacity to issue additional common units under the ATM program up to an aggregate sales price of $864.4 million. Distribution reinvestment plan. We also have registration statements on file with the SEC collectively authorizing the issuance of up to 240,000,000 of our common units in connection with a distribution reinvestment plan (“DRIP”). The DRIP provides unitholders of record and beneficial owners of our common units a voluntary means by which they can increase the number of our common units they own by reinvesting the quarterly cash distributions they receive from us into the purchase of additional new common units. We issued a total of 6,802,889 common units under our DRIP during the six months ended June 30, 2017, which generated net cash proceeds of $179.0 million. During the six months ended June 30, 2016, we issued 10,104,741 common units under our DRIP, which generated net cash proceeds of $232.3 million. Privately held affiliates of EPCO reinvested $100 million through the DRIP during the six months ended June 30, 2016 (this amount being a component of the net cash proceeds presented). After taking into account the number of common units issued under the DRIP through June 30, 2017, we have the capacity to issue an additional 92,455,606 common units under this plan. Employee unit purchase plan. In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance of up to 8,000,000 of our common units in connection with our employee unit purchase plan (“EUPP”). We issued 232,792 common units under our EUPP during the six months ended June 30, 2017, which generated net cash proceeds of $6.4 million. During the six months ended June 30, 2016, we issued 279,960 common units under our EUPP, which generated net cash proceeds of $6.8 million. After taking into account the number of common units issued under the EUPP through June 30, 2017, we may issue an additional 6,032,683 common units under this plan. Common units issued in connection with employee compensation. In February 2017, the dollar value of the discretionary employee bonus payments with respect to the year ended December 31, 2016 (less any retirement plan deductions and withholding taxes) was remitted through the issuance of an equivalent value of newly issued Enterprise common units. The compensation expense associated with this issuance of common units was recognized during the year ended December 31, 2016. Noncontrolling Interests Noncontrolling interests represent third party equity ownership interests in our consolidated subsidiaries (e.g., joint venture partners in entities in which we have a controlling ownership interest). Accumulated Other Comprehensive Income (Loss) The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated:
For information regarding our interest rate and commodity derivative instruments, see Note 12. Cash Distributions The following table presents Enterprise’s declared quarterly cash distribution rates per common unit with respect to the quarter indicated:
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Business Segments |
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Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Note 9. Business Segments Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold. Financial information regarding these segments is evaluated regularly by our chief operating decision makers in deciding how to allocate resources and in assessing operating and financial performance. Segment Gross Operating Margin We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.
Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:
Summarized Segment Financial Information Information by business segment, together with reconciliations to amounts presented on our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:
Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base. Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:
Segment assets consist of property, plant and equipment, investments in unconsolidated affiliates, intangible assets and goodwill. The carrying values of such amounts are assigned to each segment based on each asset’s or investment’s principal operations and contribution to the gross operating margin of that particular segment. Since construction-in-progress amounts (a component of property, plant and equipment) generally do not contribute to segment gross operating margin, such amounts are excluded from segment asset totals until the underlying assets are placed in service. Intangible assets and goodwill are assigned to each segment based on the classification of the assets to which they relate. The remainder of our consolidated total assets, which consist primarily of working capital assets, are excluded from segment assets since these amounts are not attributable to one specific segment (e.g. cash). Other Revenue and Expense Information The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
Fluctuations in our product sales revenues and related cost of sales amounts are explained in part by changes in energy commodity prices. In general, higher energy commodity prices result in an increase in our revenues attributable to product sales; however, these higher commodity prices also increase the associated cost of sales as purchase costs rise. The same correlation would be true in the case of lower energy commodity sales prices and purchase costs. |
Earnings Per Unit |
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Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit | Note 10. Earnings Per Unit The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:
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Equity-Based Awards |
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Equity-based Awards [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Awards | Note 11. Equity-Based Awards An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:
The fair value of equity-classified awards is amortized into earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of common units upon vesting. Compensation expense for liability-classified awards is recognized over the requisite service or vesting period based on the fair value of the award remeasured at each reporting date. Liability-classified awards are settled in cash upon vesting. At June 30, 2017, all of the outstanding phantom unit awards were granted under EPCO’s 2008 Enterprise Products Long-Term Incentive Plan (Third Amendment and Restatement) (“2008 Plan”). The maximum number of common units authorized for issuance under the 2008 Plan was 40,000,000 at June 30, 2017. This amount will automatically increase under the terms of the 2008 Plan by 5,000,000 common units on January 1, 2018 and will continue to automatically increase annually on each January 1 thereafter during the term of the 2008 Plan; provided, however, that in no event shall the maximum aggregate number exceed 70,000,000 common units. After giving effect to awards granted under the 2008 Plan through June 30, 2017, a total of 18,947,916 additional common units were available for issuance under this plan. EPCO serves as the general partner of four limited partnerships that were formed in 2016 (generally referred to as “Employee Partnerships”) to serve as incentive arrangements for key employees of EPCO by providing them a “profits interest” in an Employee Partnership. The names of the Employee Partnerships are EPD PubCo Unit I L.P. (“PubCo I”), EPD PubCo Unit II L.P. (“PubCo II”), EPD PubCo Unit III L.P. (“PubCo III”) and EPD PrivCo Unit I L.P. (“PrivCo I”). At June 30, 2017, a small number of restricted common unit awards remained outstanding under the Enterprise Products 1998 Long-Term Incentive Plan (“1998 Plan”). The 1998 Plan is effectively closed and no new awards have been granted under this plan since 2014. Phantom Unit Awards Phantom unit awards allow recipients to acquire our common units (at no cost to the recipient apart from fulfilling service and other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. Phantom unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire. At June 30, 2017, substantially all of our phantom unit awards are expected to result in the issuance of common units upon vesting; therefore, the applicable awards are accounted for as equity-classified awards. The grant date fair value of a phantom unit award is based on the market price per unit of our common units on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents phantom unit award activity for the period indicated:
The 2008 Plan provides for the issuance of DERs in connection with phantom unit awards. A DER entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid to our common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed. The following table presents supplemental information regarding phantom unit awards for the periods indicated:
For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $142.0 million at June 30, 2017, of which our share of the cost is currently estimated to be $122.5 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.2 years. Profits Interest Awards In 2016, EPCO Holdings Inc. (“EPCO Holdings”), a privately held affiliate of EPCO, contributed a portion of the Enterprise common units it owned to each of the Employee Partnerships. In exchange for these contributions, EPCO Holdings was admitted as the Class A limited partner of each Employee Partnership. Also on the applicable contribution date, certain key EPCO employees were issued Class B limited partner interests (i.e., profits interest awards) and admitted as Class B limited partners of each Employee Partnership, all without any capital contribution by such employees. EPCO serves as the general partner of each Employee Partnership. The following table summarizes key elements of each Employee Partnership:
The grant date fair value of each Employee Partnership is based on (i) the estimated value (as determined using a Black-Scholes option pricing model) of such Employee Partnership’s assets that would be distributed to the Class B limited partners thereof upon liquidation and (ii) the value, based on a discounted cash flow analysis, of the residual quarterly cash amounts that such Class B limited partners are expected to receive over the life of the Employee Partnership. The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model to derive that portion of the estimated grant date fair value of the profits interest awards for each Employee Partnership:
Compensation expense attributable to the profits interest awards is based on the estimated grant date fair value of each award. A portion of the fair value of these equity-based awards is allocated to us under the ASA as a non-cash expense. We are not responsible for reimbursing EPCO for any expenses of the Employee Partnerships, including the value of any contributions of units made by EPCO Holdings. Restricted Common Unit Awards Restricted common unit awards allow recipients to acquire our common units (at no cost to the recipient apart from fulfilling service and other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. Restricted common unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire. Restricted common units are included in the number of common units outstanding as presented on our Unaudited Condensed Consolidated Balance Sheets. The fair value of a restricted common unit award is based on the market price per unit of our common units on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents restricted common unit award activity for the period indicated:
Each recipient of a restricted common unit award is entitled to nonforfeitable cash distributions equal to the product of the number of restricted common units outstanding for the participant and the cash distribution per unit paid to our common unitholders. These distributions are included in “Cash distributions paid to limited partners” as presented on our Unaudited Condensed Statements of Consolidated Cash Flows. The following table presents supplemental information regarding restricted common unit awards for the periods indicated:
We expect to recognize our share of the unrecognized compensation cost for these awards by the end of 2017. |
Derivative Instruments, Hedging Activities and Fair Value Measurements |
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Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements | Note 12. Derivative Instruments, Hedging Activities and Fair Value Measurements In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities. Interest Rate Hedging Activities We may utilize interest rate swaps, forward starting swaps and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy may be used in controlling our overall cost of capital associated with such borrowings. The following table summarizes our portfolio of interest rate swaps at June 30, 2017:
The following table summarizes our portfolio of forward starting swaps at June 30, 2017:
Commodity Hedging Activities The prices of natural gas, NGLs, crude oil, petrochemicals and refined products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps and basis swaps. At June 30, 2017, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins and (iii) hedging the fair value of commodity products held in inventory.
The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2017 (volume measures as noted):
On January 3, 2017, the Chicago Mercantile Exchange (“CME”) modified its exchange rules to characterize daily variation margin amounts as “final settlement” values. The modified rule (“CME Rule 814”) impacts derivative financial instruments traded on exchanges administered by the CME, including the New York Mercantile Exchange. As a result of this rule change, we began reporting the affected derivative instruments on a net basis on our balance sheet during the first quarter of 2017. The netting process results in the elimination of derivative assets, derivative liabilities and associated restricted cash and related amounts with each other as if the underlying derivative instruments had settled on the balance sheet date. Historically through December 31, 2016, we reported such derivatives on a gross basis (i.e., not netted). Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis. Tabular Presentation of Fair Value Amounts, and Gains and Losses on Derivative Instruments and Related Hedged Items The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:
Derivative assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in these tables, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from these tables. The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
For the six months ended June 30, 2017, the net gain of $8.9 million recognized in income from our commodity derivatives designated as fair value hedges includes $0.8 million of net losses attributable to hedge ineffectiveness. The remaining $9.7 million of net gain recognized during the six months ended June 30, 2017 was primarily related to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness. Net gains or losses due to ineffectiveness and from those amounts excluded from the assessment of hedge effectiveness were immaterial for all other periods presented. The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:
Over the next twelve months, we expect to reclassify $41.3 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $52.4 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $52.6 million as an increase in revenue and $0.2 million as an increase in operating costs and expenses. The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
Fair Value Measurements The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment. The values for commodity derivatives at June 30, 2017 are presented before and after the application of CME Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this new exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms.
Our Level 3 financial liabilities at June 30, 2017 and December 31, 2016 primarily reflect the fair value assigned to the Liquidity Option Agreement (see Note 14) at each measurement date. The carrying value of the Liquidity Option Agreement (a long-term liability) was $293.7 million and $269.6 million at June 30, 2017 and December 31, 2016, respectively. The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated:
The following table provides quantitative information regarding our recurring Level 3 fair value measurements for commodity derivatives at June 30, 2017:
With respect to commodity derivatives, we believe forward commodity prices are the most significant unobservable inputs in determining our Level 3 recurring fair value measurements at June 30, 2017. In general, changes in the price of the underlying commodity increases or decreases the fair value of a commodity derivative depending on whether the derivative was purchased or sold. We generally expect changes in the fair value of our derivative instruments to be offset by corresponding changes in the fair value of our hedged exposures. Nonrecurring Fair Value Measurements The following table summarizes our non-cash asset impairment charges for long-lived assets by segment during each of the periods indicated:
Impairment charges are primarily a component of “Operating costs and expenses” on our Unaudited Condensed Statements of Consolidated Operations. The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2017:
Total asset impairment and related charges during the six months ended June 30, 2017 were $25.2 million, which consisted of $13.5 million of impairment charges attributable to long-lived assets and $11.7 million of impairment charges attributable to the write-down of spare parts classified as current assets. The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2016:
Total asset impairment and related charges during the six months ended June 30, 2016 were $22.3 million, which consisted of $14.0 million of impairment charges attributable to long-lived assets, $1.2 million of impairment charges attributable to the write-down of spare parts classified as current assets and $7.1 million of related charges for equipment destroyed by fire at our Pascagoula gas plant. Other Fair Value Information The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature. The estimated total fair value of our fixed-rate debt obligations was $22.25 billion and $21.95 billion at June 30, 2017 and December 31, 2016, respectively. The aggregate carrying value of these debt obligations was $20.58 billion and $20.85 billion at June 30, 2017 and December 31, 2016, respectively. These values are based on quoted market prices for such debt or debt of similar terms and maturities (Level 2), our credit standing and the credit standing of our counterparties. Changes in market rates of interest affect the fair value of our fixed-rate debt. The amounts reported for fixed-rate debt obligations exclude those amounts hedged using fixed-to-floating interest rate swaps. See “Interest Rate Hedging Activities” within this Note 12 for additional information. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value. |
Related Party Transactions |
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Related Party Transactions | Note 13. Related Party Transactions The following table summarizes our related party transactions for the periods indicated:
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:
We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties. Relationship with EPCO and Affiliates We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies. At June 30, 2017, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:
Of the total number of units held by EPCO and its privately held affiliates, 118,000,000 have been pledged as security under the credit facilities of a privately held affiliate at June 30, 2017. In July 2017, the units pledged as security were reduced to 85,000,000 upon the completion of an amendment between EPCO and its privately held affiliates and the lenders. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of our common units. We and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates depend on the cash distributions they receive from us and other investments to fund their other activities and to meet their debt obligations. During the six months ended June 30, 2017 and 2016, we paid EPCO and its privately held affiliates cash distributions totaling $553.7 million and $525.2 million, respectively. We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to the ASA or by other service providers. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
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Commitments and Contingencies | Note 14. Commitments and Contingencies Litigation As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the partnership in litigation matters. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the possible need for accounting recognition and disclosure of these contingencies. We accrue an undiscounted liability for those contingencies where the loss is probable and the amount can be reasonably estimated. If a range of probable loss amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount in the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Based on a consideration of all relevant known facts and circumstances, we do not believe that the ultimate outcome of any currently pending litigation directed against us will have a material impact on our consolidated financial statements either individually at the claim level or in the aggregate. At June 30, 2017 and December 31, 2016, our accruals for litigation contingencies were $7.1 million and $0.3 million, respectively, and were recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities.” Our evaluation of litigation contingencies is based on the facts and circumstances of each case and predicting the outcome of these matters involves uncertainties. In the event the assumptions we use to evaluate these matters change in future periods or new information becomes available, we may be required to record additional accruals. In an effort to mitigate expenses associated with litigation, we may settle legal proceedings out of court. ETP Matter. In connection with a proposed pipeline project, we and Energy Transfer Partners, L.P. (“ETP”) signed a non-binding letter of intent in April 2011 that disclaimed any partnership or joint venture related to such project absent executed definitive documents and board approvals of the respective companies. Definitive agreements were never executed and board approval was never obtained for the potential pipeline project. In August 2011, the proposed pipeline project was cancelled due to a lack of customer support. In September 2011, ETP filed suit against us and a third party in connection with the cancelled project alleging, among other things, that we and ETP had formed a “partnership.” The case was tried in the District Court of Dallas County, Texas, 298th Judicial District. While we firmly believe, and argued during our defense, that no agreement was ever executed forming a legal joint venture or partnership between the parties, the jury found that the actions of the two companies, nevertheless, constituted a legal partnership. As a result, the jury found that ETP was wrongfully excluded from a subsequent pipeline project involving a third party, and awarded ETP $319.4 million in actual damages on March 4, 2014. On July 29, 2014, the trial court entered judgment against us in an aggregate amount of $535.8 million, which included (i) $319.4 million as the amount of actual damages awarded by the jury, (ii) an additional $150.0 million in disgorgement for the alleged benefit we received due to a breach of fiduciary duties by us against ETP and (iii) prejudgment interest in the amount of $66.4 million. The trial court also awarded post-judgment interest on such aggregate amount, to accrue at a rate of 5%, compounded annually. We filed our Brief of the Appellant in the Court of Appeals for the Fifth District of Dallas, Texas on March 30, 2015 and ETP filed its Brief of Appellees on June 29, 2015. We filed our Reply Brief of Appellant on September 18, 2015. Oral argument was conducted on April 20, 2016, and the case was then submitted to the Court of Appeals for its consideration. On July 18, 2017, a panel of the Court of Appeals issued a unanimous opinion reversing the trial court’s judgment as to all of ETP’s claims against Enterprise, rendering judgment that ETP take nothing on those claims, and affirming Enterprise’s counterclaim against ETP of approximately $0.8 million, plus interest. We are grateful to the Dallas Court of Appeals for their hard work in this case and their reaffirmation of the importance of written contracts in business transactions. We continue to monitor developments involving this matter. We have not recorded a provision for this matter as management believes payment of damages in this case by Enterprise is not probable. PDH Litigation. In July 2013, we executed a contract with Foster Wheeler USA Corporation (“Foster Wheeler”) pursuant to which Foster Wheeler was to serve as the general contractor responsible for the engineering, procurement, construction and installation of our propane dehydrogenation (“PDH”) facility. In November 2014, Foster Wheeler was acquired by an affiliate of AMEC plc to form Amec Foster Wheeler plc, and Foster Wheeler is now known as Amec Foster Wheeler USA Corporation (“AFW”). In December 2015, Enterprise and AFW entered into a transition services agreement under which AFW was partially terminated from the PDH project. In December 2015, Enterprise engaged a second contractor, Optimized Process Designs LLC, to complete the construction and installation of the PDH facility. On September 2, 2016, we terminated AFW for cause and filed a lawsuit in the 151st Judicial Civil District Court of Harris County, Texas against AFW and its parent company, Amec Foster Wheeler plc, asserting claims for breach of contract, breach of warranty, fraudulent inducement, string-along fraud, gross negligence, professional negligence, negligent misrepresentation and attorneys’ fees. We intend to diligently prosecute these claims and seek all direct, consequential, and exemplary damages to which we may be entitled. Contractual Obligations Scheduled Maturities of Debt. We have long-term and short-term payment obligations under debt agreements. See Note 7 for additional information regarding our scheduled future maturities of debt principal. Operating Lease Obligations. Consolidated lease and rental expense was $25.9 million and $26.3 million during the three months ended June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, consolidated lease and rental expense was $52.1 million and $54.8 million, respectively. Our operating lease commitments at June 30, 2017 did not differ materially from those reported in our 2016 Form 10-K. Purchase Obligations. Our consolidated purchase obligations at June 30, 2017 did not differ materially from those reported in our 2016 Form 10-K. Liquidity Option Agreement We entered into a put option agreement (the “Liquidity Option Agreement” or “Liquidity Option”) with Oiltanking Holding Americas, Inc. (“OTA”) and Marquard & Bahls AG (“M&B”) in connection with the first step of the Oiltanking acquisition (“Step 1”). Under the Liquidity Option Agreement, we granted M&B the option to sell to us 100% of the issued and outstanding capital stock of OTA at any time within a 90-day period commencing on February 1, 2020. If the Liquidity Option is exercised, we would indirectly acquire any Enterprise common units owned by OTA and assume all future income tax obligations of OTA associated with (i) owning common units encumbered by the entity-level taxes of a U.S. corporation and (ii) OTA’s deferred tax liabilities. To the extent that the sum of OTA’s deferred tax liabilities exceeds the then current book value of the Liquidity Option liability, we would recognize expense for the difference. The carrying value of the Liquidity Option Agreement, which is a component of “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheet, was $293.7 million and $269.6 million at June 30, 2017 and December 31, 2016, respectively. The fair value of the Liquidity Option, at any measurement date, represents the present value of estimated federal and state income tax payments that we believe a market participant would incur on the future taxable income of OTA. We expect that OTA’s taxable income would, in turn, be based on an allocation of our partnership’s taxable income to the common units held by OTA and reflect any tax planning we believe could be employed. Our valuation estimate for the Liquidity Option at June 30, 2017 is based on several inputs that are not observable in the market (i.e., Level 3 inputs) such as the following:
Furthermore, our valuation estimate incorporates probability-weighted scenarios reflecting the likelihood that M&B may elect to divest a portion of the Enterprise common units held by OTA prior to exercise of the option. At June 30, 2017, based on these scenarios, we expect that OTA would own approximately 87% of the 54,807,352 Enterprise common units it received in Step 1 when the option period begins in February 2020. If our valuation estimate had assumed that OTA owned all of the Enterprise common units it received in Step 1 at the time of exercise (and all other inputs remained the same), the estimated fair value of the Liquidity Option liability at June 30, 2017 would have increased by $45.1 million. Changes in the fair value of the Liquidity Option are recognized in earnings as a component of other income (expense) on our Unaudited Condensed Statements of Consolidated Operations. Results for the three months ended June 30, 2017 and 2016 include $18.6 million and $23.3 million, respectively, of aggregate non-cash expense attributable to accretion and changes in management estimates regarding inputs to the valuation model. Results for the six months ended June 30, 2017 and 2016 include $24.1 million and $21.1 million, respectively, of such expense. |
Supplemental Cash Flow Information |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Note 15. Supplemental Cash Flow Information The following table presents the net effect of changes in our operating accounts for the periods indicated:
We incurred liabilities for construction in progress that had not been paid at June 30, 2017 and December 31, 2016 of $338.1 million and $124.3 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows. On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements are associated with projects related to pipeline construction activities and production well tie-ins. These cash receipts are presented as “Contributions in aid of construction costs” within the investing activities section of our Unaudited Condensed Statements of Consolidated Cash Flows. |
Condensed Consolidating Financial Information |
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Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Note 16. Condensed Consolidating Financial Information EPO conducts all of our business. Currently, we have no independent operations and no material assets outside those of EPO. EPO has issued publicly traded debt securities. As the parent company of EPO, Enterprise Products Partners L.P. guarantees substantially all of the debt obligations of EPO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. See Note 7 for additional information regarding our consolidated debt obligations. EPO’s consolidated subsidiaries have no significant restrictions on their ability to pay distributions or make loans to Enterprise Products Partners L.P. Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 2016
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2016
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2016
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2016
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2016
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2016
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General Accounting and Disclosure Matters (Policies) |
6 Months Ended |
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Jun. 30, 2017 | |
General Accounting Matters [Abstract] | |
Contingencies | Contingencies Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. |
Derivative Instruments | Derivative Instruments We use derivative instruments such as futures, swaps, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 12 for additional information regarding our derivative instruments. |
Estimates | Estimates Preparing our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. |
Fair Value Measurements | Fair Value Measurements Our fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk, in the principal market of the asset or liability at a specified measurement date. Recognized valuation techniques employ inputs such as contractual prices, quoted market prices or rates, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the highest extent possible. Accordingly, we utilize valuation techniques (such as the market approach) that maximize the use of observable inputs and minimize the use of unobservable inputs. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. |
Restricted Cash | Restricted Cash Restricted cash represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil and refined products. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. At June 30, 2017 and December 31, 2016, our restricted cash amounts were $35.4 million and $354.5 million, respectively. The balance of restricted cash decreased since December 31, 2016 primarily due to the settlement of derivative instruments related to contango positions during 2017. See Note 12 for information regarding our derivative instruments and hedging activities. Impact of ASU 2016-18. The FASB recently issued an amendment, ASU 2016-18, to Topic 230, Statement of Cash Flows, that standardizes the presentation of transfers to and from restricted cash within the cash flow statement. As a result, the cash flow statement will present changes in total cash amounts, regardless of whether the cash balances are restricted or unrestricted. The new guidance does not affect the separate presentation of restricted and unrestricted (i.e., cash and cash equivalents) amounts on the balance sheet. Furthermore, this change in financial statement presentation will not impact our consolidated liquidity. We intend to adopt the new cash flow statement guidance on December 31, 2017 by retrospectively adjusting our consolidated cash flow statements to eliminate the presentation of cash inflows and outflows associated with restricted cash that were historically shown in the investing activities section. |
Inventories (Tables) |
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated:
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Cost of Sales and Lower of Cost or Market Adjustments | Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment and Accumulated Depreciation | The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated:
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Depreciation Expense and Capitalized Interest | The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
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Allocation of Total Purchase Prices Paid in Connection with Business Combinations | The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the Azure acquisition at April 30, 2017. The allocation remains provisional due to ongoing efforts to clarify certain environmental liabilities (estimated at $2.2 million), which are expected to be resolved by December 31, 2017.
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AROs | The following table presents information regarding our AROs since January 1, 2017:
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Investments in Unconsolidated Affiliates (Tables) |
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Investments in Unconsolidated Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated:
The following table presents our unamortized excess cost amounts by business segment at the dates indicated:
Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis):
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Intangible Assets and Goodwill (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated:
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Amortization Expense of Intangible Assets by Segment | The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
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Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:
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Debt Obligations (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
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Interest Rates and Weighted-Average Interest Rates Paid on Consolidated Variable-Rate Debt Obligations | The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2017:
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Consolidated Debt Maturities | The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2017 for the next five years, and in total thereafter:
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Equity and Distributions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Distributions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Outstanding Units | Partners’ Equity Partners’ equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) outstanding. The following table summarizes changes in the number of our outstanding units from January 1, 2017 to June 30, 2017:
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Components of Accumulated Other Comprehensive Income (Loss) | The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
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Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated:
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Declared Quarterly Cash Distribution Rates | The following table presents Enterprise’s declared quarterly cash distribution rates per common unit with respect to the quarter indicated:
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Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurement of Total Segment Gross Operating Margin | The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.
Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:
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Information by Business Segments | Summarized Segment Financial Information Information by business segment, together with reconciliations to amounts presented on our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:
Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:
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Consolidated Revenues and Expenses | The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
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Earnings Per Unit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Unit | The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:
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Equity-Based Awards (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Awards [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-based Award Expense | An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:
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Other Share-based Compensation Plans | The following table presents phantom unit award activity for the period indicated:
The following table summarizes key elements of each Employee Partnership:
The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model to derive that portion of the estimated grant date fair value of the profits interest awards for each Employee Partnership:
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Cash Distributions and Total Intrinsic Value of Phantom Unit Awards | The following table presents supplemental information regarding phantom unit awards for the periods indicated:
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Restricted Common Unit Awards | The following table presents restricted common unit award activity for the period indicated:
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Cash Distributions and Total Intrinsic Value of Restricted Common Unit Awards | The following table presents supplemental information regarding restricted common unit awards for the periods indicated:
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Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Instruments Under the FASB's Derivative and Hedging Guidance | The following table summarizes our portfolio of interest rate swaps at June 30, 2017:
The following table summarizes our portfolio of forward starting swaps at June 30, 2017:
The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2017 (volume measures as noted):
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Derivative Assets and Liabilities Balance Sheet | The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
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Offsetting Financial Assets | Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:
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Offsetting Financial Liabilities |
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Derivative Instruments Effects on Statements of Operations | The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
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Derivative Instruments Effects on Statements of Comprehensive Income | The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:
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Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) |
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Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) |
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Gain/(Loss) Recognized in Income on Derivative | The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
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Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment. The values for commodity derivatives at June 30, 2017 are presented before and after the application of CME Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this new exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms.
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Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities | The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated:
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Fair Value Measurements, Valuation Techniques | The following table provides quantitative information regarding our recurring Level 3 fair value measurements for commodity derivatives at June 30, 2017:
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Asset Impairment Charges by Segment | The following table summarizes our non-cash asset impairment charges for long-lived assets by segment during each of the periods indicated:
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Nonrecurring Fair Value Measurements | The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2017:
The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2016:
|
Related Party Transactions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | The following table summarizes our related party transactions for the periods indicated:
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:
At June 30, 2017, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:
The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
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Supplemental Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Effect of Changes in Operating Assets and Liabilities | The following table presents the net effect of changes in our operating accounts for the periods indicated:
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Condensed Consolidating Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 2016
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Condensed Consolidating Statement of Operations | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2016
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2016
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Condensed Consolidating Statement of Comprehensive Income | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2016
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2016
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Condensed Consolidating Statement of Cash Flows | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2017
Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2016
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Partnership Operations, Organization and Basis for Presentation (Details) bbl in Millions |
6 Months Ended |
---|---|
Jun. 30, 2017
Segment
mi
bbl
Bcf
| |
Related Party Transaction [Line Items] | |
Number of miles of pipelines | mi | 50,000 |
Number of barrels of storage capacity | bbl | 260 |
Number of cubic feet of storage capacity | Bcf | 14 |
Number of reportable segments | Segment | 4 |
Limited partners ownership interest | 100.00% |
EPCO and its privately held affiliates [Member] | |
Related Party Transaction [Line Items] | |
Percentage of Total Units Outstanding | 32.00% |
General Accounting and Disclosure Matters (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 35.4 | $ 354.5 |
Inventories (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|||
Inventory by Product Type [Abstract] | |||||||
NGLs | $ 897.1 | $ 897.1 | $ 1,156.1 | ||||
Petrochemicals and refined products | 377.4 | 377.4 | 220.7 | ||||
Crude oil | 313.2 | 313.2 | 360.0 | ||||
Natural gas | 16.6 | 16.6 | 33.7 | ||||
Total | 1,604.3 | 1,604.3 | $ 1,770.5 | ||||
Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract] | |||||||
Cost of sales | [1] | 4,731.1 | $ 3,838.7 | 10,066.8 | $ 7,047.0 | ||
Lower of cost or net realizable value adjustments within cost of sales | $ 2.6 | $ 0.8 | $ 6.0 | $ 6.1 | |||
|
Property, Plant and Equipment, Other (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Apr. 30, 2017 |
|
Liabilities assumed in business combination: | |||
Cash used for Azure acquisition | $ 191.4 | $ 0.0 | |
Azure Midstream Partners, L.P. [Member] | |||
Business Acquisition [Line Items] | |||
Business combination, description | The acquired business assets, which are located primarily in East Texas, include over 730 miles of natural gas gathering pipelines and two natural gas processing facilities with an aggregate processing capacity of 130 million cubic feet per day. The acquired business serves production from the Haynesville Shale and Bossier, Cotton Valley and Travis Peak formations. | ||
Environmental liabilities assumed in business combination | $ 2.2 | ||
Assets acquired in business combination: | |||
Current assets | 3.1 | ||
Property, plant, and equipment | 194.2 | ||
Total assets acquired | 197.3 | ||
Liabilities assumed in business combination: | |||
Current liabilities | 1.4 | ||
Long-term liabilities | 4.5 | ||
Total liabilities assumed | $ 5.9 | ||
Cash used for Azure acquisition | $ 191.4 |
Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $ 2,661.3 | $ 2,661.3 | $ 2,677.3 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 107.0 | $ 76.4 | 201.8 | $ 177.5 | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | 44.0 | 44.0 | 45.2 | ||
Equity method investment amortization of excess cost | 0.5 | 0.6 | 1.0 | 1.1 | |
Income Statement Data: | |||||
Revenues | 371.9 | 317.5 | 715.1 | 663.0 | |
Operating income | 229.8 | 181.7 | 433.5 | 395.4 | |
Net income | 237.6 | 178.3 | 440.5 | 393.5 | |
NGL Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 19.0 | 14.0 | 34.5 | 29.1 | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | $ 23.5 | $ 23.5 | 24.1 | ||
NGL Pipelines & Services [Member] | Venice Energy Service Company, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 13.10% | 13.10% | |||
Investments in unconsolidated affiliates | $ 25.9 | $ 25.9 | 24.8 | ||
NGL Pipelines & Services [Member] | K/D/S Promix, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 32.2 | $ 32.2 | 33.7 | ||
NGL Pipelines & Services [Member] | Baton Rouge Fractionators LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 32.20% | 32.20% | |||
Investments in unconsolidated affiliates | $ 17.6 | $ 17.6 | 17.3 | ||
NGL Pipelines & Services [Member] | Skelly-Belvieu Pipeline Company, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 37.1 | $ 37.1 | 38.9 | ||
NGL Pipelines & Services [Member] | Texas Express Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 35.00% | 35.00% | |||
Investments in unconsolidated affiliates | $ 327.8 | $ 327.8 | 331.9 | ||
NGL Pipelines & Services [Member] | Texas Express Gathering LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 45.00% | 45.00% | |||
Investments in unconsolidated affiliates | $ 36.5 | $ 36.5 | 35.8 | ||
NGL Pipelines & Services [Member] | Front Range Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 33.30% | 33.30% | |||
Investments in unconsolidated affiliates | $ 166.5 | $ 166.5 | 165.4 | ||
NGL Pipelines & Services [Member] | Delaware Basin Gas Processing LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 108.2 | $ 108.2 | 102.6 | ||
Crude Oil Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 89.2 | 65.8 | 170.4 | 155.9 | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | $ 18.6 | $ 18.6 | 19.0 | ||
Crude Oil Pipelines & Services [Member] | Seaway Crude Pipeline Company LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 1,380.5 | $ 1,380.5 | 1,393.8 | ||
Crude Oil Pipelines & Services [Member] | Eagle Ford Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 379.1 | $ 379.1 | 377.9 | ||
Crude Oil Pipelines & Services [Member] | Eagle Ford Terminals Corpus Christi LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 63.2 | $ 63.2 | 52.9 | ||
Natural Gas Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | $ 0.9 | 0.9 | $ 1.9 | 1.9 | |
Natural Gas Pipelines & Services [Member] | White River Hub, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 21.3 | $ 21.3 | 21.7 | ||
Petrochemical & Refined Products Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | (2.1) | $ (4.3) | (5.0) | $ (9.4) | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | $ 1.9 | $ 1.9 | 2.1 | ||
Petrochemical & Refined Products Services [Member] | Centennial Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 60.7 | $ 60.7 | 62.3 | ||
Petrochemical & Refined Products Services [Member] | Other Unconsolidated Affiliates [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $ 4.7 | $ 4.7 | $ 18.3 |
Intangible Assets and Goodwill, Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Identifiable intangible assets [Abstract] | |||||
Gross Value | $ 5,266.3 | $ 5,266.3 | $ 5,267.2 | ||
Accumulated Amortization | (1,483.9) | (1,483.9) | (1,403.1) | ||
Carrying Value | 3,782.4 | 3,782.4 | 3,864.1 | ||
Amortization expense | 40.7 | $ 43.0 | 81.7 | $ 89.3 | |
Forecasted amortization expense [Abstract] | |||||
Remainder of 2017 | 81.1 | 81.1 | |||
2018 | 163.8 | 163.8 | |||
2019 | 157.7 | 157.7 | |||
2020 | 152.8 | 152.8 | |||
2021 | 163.2 | 163.2 | |||
NGL Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 727.3 | 727.3 | 727.3 | ||
Accumulated Amortization | (391.7) | (391.7) | (377.1) | ||
Carrying Value | 335.6 | 335.6 | 350.2 | ||
Amortization expense | 7.3 | 7.7 | 14.6 | 15.5 | |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 447.4 | 447.4 | 447.4 | ||
Accumulated Amortization | (180.0) | (180.0) | (172.7) | ||
Carrying Value | 267.4 | 267.4 | 274.7 | ||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 279.9 | 279.9 | 279.9 | ||
Accumulated Amortization | (211.7) | (211.7) | (204.4) | ||
Carrying Value | 68.2 | 68.2 | 75.5 | ||
Crude Oil Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,484.5 | 2,484.5 | 2,485.4 | ||
Accumulated Amortization | (250.9) | (250.9) | (206.4) | ||
Carrying Value | 2,233.6 | 2,233.6 | 2,279.0 | ||
Amortization expense | 22.3 | 24.7 | 45.4 | 52.4 | |
Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,203.5 | 2,203.5 | 2,204.4 | ||
Accumulated Amortization | (104.4) | (104.4) | (84.5) | ||
Carrying Value | 2,099.1 | 2,099.1 | 2,119.9 | ||
Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 281.0 | 281.0 | 281.0 | ||
Accumulated Amortization | (146.5) | (146.5) | (121.9) | ||
Carrying Value | 134.5 | 134.5 | 159.1 | ||
Natural Gas Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,815.0 | 1,815.0 | 1,815.0 | ||
Accumulated Amortization | (777.5) | (777.5) | (760.5) | ||
Carrying Value | 1,037.5 | 1,037.5 | 1,054.5 | ||
Amortization expense | 8.8 | 8.3 | 17.0 | 16.9 | |
Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,350.3 | 1,350.3 | 1,350.3 | ||
Accumulated Amortization | (402.5) | (402.5) | (390.0) | ||
Carrying Value | 947.8 | 947.8 | 960.3 | ||
Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 464.7 | 464.7 | 464.7 | ||
Accumulated Amortization | (375.0) | (375.0) | (370.5) | ||
Carrying Value | 89.7 | 89.7 | 94.2 | ||
Petrochemical & Refined Products Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 239.5 | 239.5 | 239.5 | ||
Accumulated Amortization | (63.8) | (63.8) | (59.1) | ||
Carrying Value | 175.7 | 175.7 | 180.4 | ||
Amortization expense | 2.3 | $ 2.3 | 4.7 | $ 4.5 | |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 185.5 | 185.5 | 185.5 | ||
Accumulated Amortization | (46.9) | (46.9) | (43.9) | ||
Carrying Value | 138.6 | 138.6 | 141.6 | ||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 54.0 | 54.0 | 54.0 | ||
Accumulated Amortization | (16.9) | (16.9) | (15.2) | ||
Carrying Value | $ 37.1 | $ 37.1 | $ 38.8 |
Debt Obligations (Details) - USD ($) $ in Millions |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 23,579.6 | $ 23,901.6 | |||||||
Other, non-principal amounts | (198.3) | (203.9) | |||||||
Less current maturities of debt | (3,354.8) | (2,576.8) | |||||||
Total long-term debt | 20,026.5 | 21,120.9 | |||||||
Debt Obligations Terms: | |||||||||
Letters of credit outstanding | 66.4 | ||||||||
Senior Debt Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | 22,105.2 | 22,427.2 | |||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,455.2 | 1,777.2 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | variable | ||||||||
Information regarding variable interest rates paid: | |||||||||
Weighted-average interest rate paid | 1.20% | ||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member] | |||||||||
Information regarding variable interest rates paid: | |||||||||
Variable interest rates paid | 0.90% | ||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member] | |||||||||
Information regarding variable interest rates paid: | |||||||||
Variable interest rates paid | 1.53% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes L [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 800.0 | 800.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.30% | ||||||||
Maturity date | Sep. 01, 2017 | ||||||||
Senior Debt Obligations [Member] | EPO 364-Day Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 0.0 | 0.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | variable | ||||||||
Maturity date | Sep. 14, 2017 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes V [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 349.7 | 349.7 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.65% | ||||||||
Maturity date | Apr. 15, 2018 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes OO [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 750.0 | 750.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 1.65% | ||||||||
Maturity date | May 07, 2018 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes N [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 700.0 | 700.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.50% | ||||||||
Maturity date | Jan. 31, 2019 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes LL [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 800.0 | 800.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 2.55% | ||||||||
Maturity date | Oct. 15, 2019 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Q [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 500.0 | 500.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 5.25% | ||||||||
Maturity date | Jan. 31, 2020 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Y [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,000.0 | 1,000.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 5.20% | ||||||||
Maturity date | Sep. 01, 2020 | ||||||||
Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 0.0 | 0.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | variable | ||||||||
Maturity date | Sep. 15, 2020 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes RR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 575.0 | 575.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 2.85% | ||||||||
Maturity date | Apr. 15, 2021 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes CC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 650.0 | 650.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 4.05% | ||||||||
Maturity date | Feb. 15, 2022 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes HH [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,250.0 | 1,250.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 3.35% | ||||||||
Maturity date | Mar. 15, 2023 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes JJ [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 850.0 | 850.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 3.90% | ||||||||
Maturity date | Feb. 15, 2024 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes MM [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,150.0 | 1,150.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 3.75% | ||||||||
Maturity date | Feb. 15, 2025 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes PP [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 875.0 | 875.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 3.70% | ||||||||
Maturity date | Feb. 15, 2026 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes SS [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 575.0 | 575.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 3.95% | ||||||||
Maturity date | Feb. 15, 2027 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes D [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 500.0 | 500.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.875% | ||||||||
Maturity date | Mar. 01, 2033 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes H [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 350.0 | 350.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.65% | ||||||||
Maturity date | Oct. 15, 2034 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes J [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 250.0 | 250.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 5.75% | ||||||||
Maturity date | Mar. 01, 2035 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes W [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 399.6 | 399.6 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 7.55% | ||||||||
Maturity date | Apr. 15, 2038 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes R [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 600.0 | 600.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.125% | ||||||||
Maturity date | Oct. 15, 2039 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Z [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 600.0 | 600.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.45% | ||||||||
Maturity date | Sep. 01, 2040 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes BB [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 750.0 | 750.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 5.95% | ||||||||
Maturity date | Feb. 01, 2041 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes DD [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 600.0 | 600.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 5.70% | ||||||||
Maturity date | Feb. 15, 2042 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes EE [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 750.0 | 750.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 4.85% | ||||||||
Maturity date | Aug. 15, 2042 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes GG [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,100.0 | 1,100.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 4.45% | ||||||||
Maturity date | Feb. 15, 2043 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes II [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,400.0 | 1,400.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 4.85% | ||||||||
Maturity date | Mar. 15, 2044 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes KK [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 1,150.0 | 1,150.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 5.10% | ||||||||
Maturity date | Feb. 15, 2045 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes QQ [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 975.0 | 975.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 4.90% | ||||||||
Maturity date | May 15, 2046 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes NN [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 400.0 | 400.0 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 4.95% | ||||||||
Maturity date | Oct. 15, 2054 | ||||||||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 4 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 0.3 | 0.3 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 6.65% | ||||||||
Maturity date | Apr. 15, 2018 | ||||||||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 5 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 0.4 | 0.4 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed | ||||||||
Interest rate, stated percentage | 7.55% | ||||||||
Maturity date | Apr. 15, 2038 | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | [1] | $ 521.1 | 521.1 | ||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | [1] | variable | |||||||
Maturity date | [1] | Aug. 31, 2066 | |||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||
Variable interest rate | 3.708% | ||||||||
Information regarding variable interest rates paid: | |||||||||
Weighted-average interest rate paid | 4.76% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | Minimum [Member] | |||||||||
Information regarding variable interest rates paid: | |||||||||
Variable interest rates paid | 4.59% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | Maximum [Member] | |||||||||
Information regarding variable interest rates paid: | |||||||||
Variable interest rates paid | 4.88% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | [2] | $ 256.4 | 256.4 | ||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | [2] | fixed/variable | |||||||
Interest rate, stated percentage | 7.00% | ||||||||
Maturity date | [2] | Jun. 01, 2067 | |||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||
Variable interest rate | 2.778% | ||||||||
Information regarding variable interest rates paid: | |||||||||
Weighted-average interest rate paid | 3.98% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Maximum [Member] | |||||||||
Information regarding variable interest rates paid: | |||||||||
Variable interest rates paid | 3.98% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes B [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | [3] | $ 682.7 | 682.7 | ||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | [3] | fixed/variable | |||||||
Interest rate, stated percentage | 7.034% | ||||||||
Maturity date | [3] | Jan. 15, 2068 | |||||||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||||||||
Variable interest rate | 2.68% | ||||||||
Minimum variable annual interest rate | 7.034% | ||||||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal outstanding | $ 14.2 | $ 14.2 | |||||||
Debt Obligations Terms: | |||||||||
Interest rate terms | fixed/variable | ||||||||
Maturity date | Jun. 01, 2067 | ||||||||
|
Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | $ 2,255.2 | |
2018 | 1,100.0 | |
2019 | 1,500.0 | |
2020 | 1,500.0 | |
2021 | 575.0 | |
After 2021 | 16,649.4 | |
Total | 23,579.6 | $ 23,901.6 |
Commercial Paper Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | 1,455.2 | |
2018 | 0.0 | |
2019 | 0.0 | |
2020 | 0.0 | |
2021 | 0.0 | |
After 2021 | 0.0 | |
Total | 1,455.2 | |
Senior Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | 800.0 | |
2018 | 1,100.0 | |
2019 | 1,500.0 | |
2020 | 1,500.0 | |
2021 | 575.0 | |
After 2021 | 15,175.0 | |
Total | 20,650.0 | |
Junior Subordinated Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | 0.0 | |
2018 | 0.0 | |
2019 | 0.0 | |
2020 | 0.0 | |
2021 | 0.0 | |
After 2021 | 1,474.4 | |
Total | $ 1,474.4 |
Equity and Distributions, Summary of Changes in Outstanding Units (Details) |
6 Months Ended |
---|---|
Jun. 30, 2017
shares
| |
Common Units (Unrestricted) [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 2,116,906,120 |
Common units issued in connection with ATM program (in units) | 20,857,006 |
Common units issued in connection with DRIP and EUPP (in units) | 7,035,681 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 2,351,436 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 668,470 |
Forfeiture of restricted common unit awards (in units) | 0 |
Cancellation of treasury units acquired in connection with the vesting of equity-based awards (in units) | (986,686) |
Common units issued in connection with employee compensation (in units) | 1,176,103 |
Other (in units) | 14,685 |
Ending Balance (in units) | 2,148,022,815 |
Restricted Common Units [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 682,294 |
Common units issued in connection with ATM program (in units) | 0 |
Common units issued in connection with DRIP and EUPP (in units) | 0 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 0 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | (668,470) |
Forfeiture of restricted common unit awards (in units) | (1,250) |
Cancellation of treasury units acquired in connection with the vesting of equity-based awards (in units) | 0 |
Common units issued in connection with employee compensation (in units) | 0 |
Other (in units) | 0 |
Ending Balance (in units) | 12,574 |
Common Units [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 2,117,588,414 |
Common units issued in connection with ATM program (in units) | 20,857,006 |
Common units issued in connection with DRIP and EUPP (in units) | 7,035,681 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 2,351,436 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 0 |
Forfeiture of restricted common unit awards (in units) | (1,250) |
Cancellation of treasury units acquired in connection with the vesting of equity-based awards (in units) | (986,686) |
Common units issued in connection with employee compensation (in units) | 1,176,103 |
Other (in units) | 14,685 |
Ending Balance (in units) | 2,148,035,389 |
Equity and Distributions, Issuances of Equity (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Net cash proceeds from the issuance of common units | $ 757.2 | $ 1,888.3 |
At-the-Market Registration [Member] | ||
Registration Statements and Equity Offerings [Line Items] | ||
Maximum common units authorized for issuance | 1,890.0 | |
Remaining units available for issuance | $ 864.4 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 20,857,006 | 68,645,180 |
Gross proceeds from the sale of common units | $ 577.3 | $ 1,660.0 |
Net cash proceeds from the issuance of common units | $ 571.8 | $ 1,650.0 |
At-the-Market Registration [Member] | EPCO and its privately held affiliates [Member] | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 3,830,256 | |
Gross proceeds from the sale of common units | $ 100.0 | |
Distribution Reinvestment Plan [Member] | ||
Registration Statements and Equity Offerings [Line Items] | ||
Maximum common units authorized for issuance (in units) | 240,000,000 | |
Remaining units available for issuance (in units) | 92,455,606 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 6,802,889 | 10,104,741 |
Net cash proceeds from the issuance of common units | $ 179.0 | $ 232.3 |
Distribution Reinvestment Plan [Member] | EPCO and its privately held affiliates [Member] | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Net cash proceeds from the issuance of common units | $ 100.0 | |
Employee Unit Purchase Plan [Member] | ||
Registration Statements and Equity Offerings [Line Items] | ||
Maximum common units authorized for issuance (in units) | 8,000,000 | |
Remaining units available for issuance (in units) | 6,032,683 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 232,792 | 279,960 |
Net cash proceeds from the issuance of common units | $ 6.4 | $ 6.8 |
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | $ (280.0) | $ (219.2) | ||
Other comprehensive income (loss) before reclassifications | 170.6 | (84.4) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | (19.3) | (3.4) | ||
Total other comprehensive income (loss) | $ (12.5) | $ (38.5) | 151.3 | (87.8) |
Ending Balance | (128.7) | (307.0) | (128.7) | (307.0) |
Interest expense | 245.8 | 244.1 | 495.1 | 484.7 |
Revenue | (6,607.6) | (5,617.8) | (13,928.0) | (10,623.1) |
Operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
Total | (666.0) | (570.0) | (1,437.0) | (1,240.2) |
Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | (199.8) | (279.5) | ||
Other comprehensive income (loss) before reclassifications | (4.5) | (9.4) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 19.6 | 18.4 | ||
Total other comprehensive income (loss) | 15.1 | 9.0 | ||
Ending Balance | (184.7) | (270.5) | (184.7) | (270.5) |
Gains and Losses on Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | (83.8) | 56.6 | ||
Other comprehensive income (loss) before reclassifications | 175.2 | (74.9) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | (38.9) | (21.8) | ||
Total other comprehensive income (loss) | 136.3 | (96.7) | ||
Ending Balance | 52.5 | (40.1) | 52.5 | (40.1) |
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | 3.6 | 3.7 | ||
Other comprehensive income (loss) before reclassifications | (0.1) | (0.1) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 0.0 | 0.0 | ||
Total other comprehensive income (loss) | (0.1) | (0.1) | ||
Ending Balance | 3.5 | 3.6 | 3.5 | 3.6 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Total | (36.0) | 44.6 | (19.3) | (3.4) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Interest expense | 10.0 | 9.2 | 19.6 | 18.4 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Revenue | (46.0) | 34.2 | (38.5) | (24.6) |
Operating costs and expenses | $ 0.0 | $ 1.2 | $ (0.4) | $ 2.8 |
Equity and Distributions, Distributions (Details) - Cash Distribution [Member] - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
First Quarter 2016 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.3950 | |
Record Date | Apr. 29, 2016 | |
Payment Date | May 06, 2016 | |
Second Quarter 2016 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.4000 | |
Record Date | Jul. 29, 2016 | |
Payment Date | Aug. 05, 2016 | |
First Quarter 2017 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.4150 | |
Record Date | Apr. 28, 2017 | |
Payment Date | May 08, 2017 | |
Second Quarter 2017 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.4200 | |
Record Date | Jul. 31, 2017 | |
Payment Date | Aug. 07, 2017 |
Business Segments (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
Segment
|
Jun. 30, 2016
USD ($)
|
||||||
Business Segments [Abstract] | |||||||||
Number of reportable segments | Segment | 4 | ||||||||
Segment Gross Operating Margin [Abstract] | |||||||||
Income before income taxes | $ 674.7 | $ 569.9 | $ 1,451.7 | $ 1,248.5 | |||||
Add total other expense, net | 264.0 | 267.0 | 518.6 | 504.0 | |||||
Operating income | 938.7 | 836.9 | 1,970.3 | 1,752.5 | |||||
Adjustments to reconcile operating income to total gross operating margin: | |||||||||
Add depreciation, amortization and accretion expense in operating costs and expenses | 379.2 | 360.3 | 755.4 | 718.5 | |||||
Add asset impairment and related charges in operating costs and expenses | 14.0 | 20.2 | 25.2 | 21.9 | |||||
Add net losses attributable to asset sales in operating costs and expenses | 0.3 | 1.7 | 0.0 | 6.6 | |||||
Add general and administrative costs | 45.7 | 35.1 | 96.1 | 79.0 | |||||
Adjustments for make-up rights on certain new pipeline projects: | |||||||||
Add non-refundable payments received from shippers attributable to make-up rights | [1] | 8.3 | 1.8 | 21.6 | 8.9 | ||||
Subtract the subsequent recognition of revenues attributable to make-up rights | [2] | (6.8) | (6.6) | (15.9) | (19.5) | ||||
Total segment gross operating margin | $ 1,379.4 | $ 1,249.4 | $ 2,852.7 | $ 2,567.9 | |||||
|
Business Segments, Segment Reporting Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Information by business segment [Abstract] | |||||
Segment gross operating margin | $ 1,379.4 | $ 1,249.4 | $ 2,852.7 | $ 2,567.9 | |
Revenues from third parties | 6,597.7 | 5,604.6 | 13,907.3 | 10,594.3 | |
Revenues from related parties | 9.9 | 13.2 | 20.7 | 28.8 | |
Intersegment and intrasegment revenues | 0.0 | 0.0 | 0.0 | 0.0 | |
Total revenues | 6,607.6 | 5,617.8 | 13,928.0 | 10,623.1 | |
Equity in income (loss) of unconsolidated affiliates | 107.0 | 76.4 | 201.8 | 177.5 | |
Property, plant and equipment, net | 34,220.7 | 34,220.7 | $ 33,292.5 | ||
Investments in unconsolidated affiliates | 2,661.3 | 2,661.3 | 2,677.3 | ||
Intangible assets, net | 3,782.4 | 3,782.4 | 3,864.1 | ||
Goodwill | 5,745.2 | 5,745.2 | 5,745.2 | ||
Segment assets | 46,409.6 | 46,409.6 | 45,579.1 | ||
NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 2,620.6 | 2,515.5 | 5,966.4 | 4,919.3 | |
Equity in income (loss) of unconsolidated affiliates | 19.0 | 14.0 | 34.5 | 29.1 | |
Intangible assets, net | 335.6 | 335.6 | 350.2 | ||
Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,899.6 | 1,660.0 | 3,706.8 | 2,948.6 | |
Equity in income (loss) of unconsolidated affiliates | 89.2 | 65.8 | 170.4 | 155.9 | |
Intangible assets, net | 2,233.6 | 2,233.6 | 2,279.0 | ||
Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 786.2 | 535.7 | 1,547.4 | 1,085.7 | |
Equity in income (loss) of unconsolidated affiliates | 0.9 | 0.9 | 1.9 | 1.9 | |
Intangible assets, net | 1,037.5 | 1,037.5 | 1,054.5 | ||
Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,301.2 | 906.6 | 2,707.4 | 1,669.5 | |
Equity in income (loss) of unconsolidated affiliates | (2.1) | (4.3) | (5.0) | (9.4) | |
Intangible assets, net | 175.7 | 175.7 | 180.4 | ||
Reportable Business Segments [Member] | NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 759.9 | 719.1 | 1,615.9 | 1,502.8 | |
Revenues from third parties | 2,617.8 | 2,512.7 | 5,960.8 | 4,914.7 | |
Revenues from related parties | 2.8 | 2.8 | 5.6 | 4.6 | |
Intersegment and intrasegment revenues | 5,642.1 | 4,880.8 | 14,516.9 | 8,055.6 | |
Total revenues | 8,262.7 | 7,396.3 | 20,483.3 | 12,974.9 | |
Equity in income (loss) of unconsolidated affiliates | 19.0 | 14.0 | 34.5 | 29.1 | |
Property, plant and equipment, net | 14,125.8 | 14,125.8 | 14,091.5 | ||
Investments in unconsolidated affiliates | 751.8 | 751.8 | 750.4 | ||
Intangible assets, net | 335.6 | 335.6 | 350.2 | ||
Goodwill | 2,651.7 | 2,651.7 | 2,651.7 | ||
Segment assets | 17,864.9 | 17,864.9 | 17,843.8 | ||
Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 236.7 | 177.4 | 501.3 | 379.7 | |
Revenues from third parties | 1,895.8 | 1,651.4 | 3,698.4 | 2,928.9 | |
Revenues from related parties | 3.8 | 8.6 | 8.4 | 19.7 | |
Intersegment and intrasegment revenues | 3,383.7 | 2,445.7 | 6,857.7 | 3,945.1 | |
Total revenues | 5,283.3 | 4,105.7 | 10,564.5 | 6,893.7 | |
Equity in income (loss) of unconsolidated affiliates | 89.2 | 65.8 | 170.4 | 155.9 | |
Property, plant and equipment, net | 4,355.1 | 4,355.1 | 4,216.1 | ||
Investments in unconsolidated affiliates | 1,822.8 | 1,822.8 | 1,824.6 | ||
Intangible assets, net | 2,233.6 | 2,233.6 | 2,279.0 | ||
Goodwill | 1,841.0 | 1,841.0 | 1,841.0 | ||
Segment assets | 10,252.5 | 10,252.5 | 10,160.7 | ||
Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 194.4 | 177.4 | 365.3 | 355.1 | |
Revenues from third parties | 782.9 | 533.9 | 1,540.7 | 1,081.2 | |
Revenues from related parties | 3.3 | 1.8 | 6.7 | 4.5 | |
Intersegment and intrasegment revenues | 220.6 | 146.9 | 415.1 | 271.6 | |
Total revenues | 1,006.8 | 682.6 | 1,962.5 | 1,357.3 | |
Equity in income (loss) of unconsolidated affiliates | 0.9 | 0.9 | 1.9 | 1.9 | |
Property, plant and equipment, net | 8,297.2 | 8,297.2 | 8,403.0 | ||
Investments in unconsolidated affiliates | 21.3 | 21.3 | 21.7 | ||
Intangible assets, net | 1,037.5 | 1,037.5 | 1,054.5 | ||
Goodwill | 296.3 | 296.3 | 296.3 | ||
Segment assets | 9,652.3 | 9,652.3 | 9,775.5 | ||
Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 188.4 | 175.5 | 370.2 | 330.3 | |
Revenues from third parties | 1,301.2 | 906.6 | 2,707.4 | 1,669.5 | |
Revenues from related parties | 0.0 | 0.0 | 0.0 | 0.0 | |
Intersegment and intrasegment revenues | 389.7 | 307.7 | 804.4 | 550.4 | |
Total revenues | 1,690.9 | 1,214.3 | 3,511.8 | 2,219.9 | |
Equity in income (loss) of unconsolidated affiliates | (2.1) | (4.3) | (5.0) | (9.4) | |
Property, plant and equipment, net | 3,340.7 | 3,340.7 | 3,261.2 | ||
Investments in unconsolidated affiliates | 65.4 | 65.4 | 80.6 | ||
Intangible assets, net | 175.7 | 175.7 | 180.4 | ||
Goodwill | 956.2 | 956.2 | 956.2 | ||
Segment assets | 4,538.0 | 4,538.0 | 4,478.4 | ||
Eliminations [Member] | |||||
Information by business segment [Abstract] | |||||
Revenues from third parties | 0.0 | 0.0 | 0.0 | 0.0 | |
Revenues from related parties | 0.0 | 0.0 | 0.0 | 0.0 | |
Intersegment and intrasegment revenues | (9,636.1) | (7,781.1) | (22,594.1) | (12,822.7) | |
Total revenues | (9,636.1) | (7,781.1) | (22,594.1) | (12,822.7) | |
Equity in income (loss) of unconsolidated affiliates | 0.0 | $ 0.0 | 0.0 | $ 0.0 | |
Adjustments [Member] | |||||
Information by business segment [Abstract] | |||||
Property, plant and equipment, net | 4,101.9 | 4,101.9 | 3,320.7 | ||
Investments in unconsolidated affiliates | 0.0 | 0.0 | 0.0 | ||
Intangible assets, net | 0.0 | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | 0.0 | ||
Segment assets | $ 4,101.9 | $ 4,101.9 | $ 3,320.7 |
Business Segments, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||
Consolidated Revenues [Abstract] | |||||||||
Total consolidated revenues | $ 6,607.6 | $ 5,617.8 | $ 13,928.0 | $ 10,623.1 | |||||
Operating costs and expenses: | |||||||||
Cost of sales | [1] | 4,731.1 | 3,838.7 | 10,066.8 | 7,047.0 | ||||
Other operating costs and expenses | [2] | 605.6 | 601.3 | 1,216.0 | 1,175.1 | ||||
Depreciation, amortization and accretion | 379.2 | 360.3 | 755.4 | 718.5 | |||||
Asset impairment and related charges | 14.0 | 20.2 | 25.2 | 21.9 | |||||
Net losses attributable to asset sales | 0.3 | 1.7 | 0.0 | 6.6 | |||||
General and administrative costs | 45.7 | 35.1 | 96.1 | 79.0 | |||||
Total consolidated costs and expenses | 5,775.9 | 4,857.3 | 12,159.5 | 9,048.1 | |||||
NGL Pipelines & Services [Member] | |||||||||
Consolidated Revenues [Abstract] | |||||||||
Sales of NGLs and related products | 2,158.0 | 2,060.4 | 5,045.2 | 4,003.9 | |||||
Midstream services | 462.6 | 455.1 | 921.2 | 915.4 | |||||
Total consolidated revenues | 2,620.6 | 2,515.5 | 5,966.4 | 4,919.3 | |||||
Crude Oil Pipelines & Services [Member] | |||||||||
Consolidated Revenues [Abstract] | |||||||||
Sales of crude oil | 1,705.1 | 1,482.2 | 3,323.7 | 2,603.3 | |||||
Midstream services | 194.5 | 177.8 | 383.1 | 345.3 | |||||
Total consolidated revenues | 1,899.6 | 1,660.0 | 3,706.8 | 2,948.6 | |||||
Natural Gas Pipelines & Services [Member] | |||||||||
Consolidated Revenues [Abstract] | |||||||||
Sales of natural gas | 560.6 | 305.7 | 1,104.6 | 620.7 | |||||
Midstream services | 225.6 | 230.0 | 442.8 | 465.0 | |||||
Total consolidated revenues | 786.2 | 535.7 | 1,547.4 | 1,085.7 | |||||
Petrochemical & Refined Products Services [Member] | |||||||||
Consolidated Revenues [Abstract] | |||||||||
Sales of petrochemicals and refined products | 1,114.1 | 713.4 | 2,325.2 | 1,266.6 | |||||
Midstream services | 187.1 | 193.2 | 382.2 | 402.9 | |||||
Total consolidated revenues | $ 1,301.2 | $ 906.6 | $ 2,707.4 | $ 1,669.5 | |||||
|
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||
BASIC EARNINGS PER UNIT | |||||||
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 | |||
Undistributed earnings allocated and cash payments on phantom unit awards | [1] | (4.0) | (3.3) | (8.0) | (6.5) | ||
Net income available to common unitholders | $ 649.7 | $ 555.2 | $ 1,406.4 | $ 1,213.2 | |||
Basic weighted-average number of common units outstanding (in units) | 2,144.7 | 2,085.1 | 2,135.5 | 2,059.3 | |||
Basic earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 | |||
DILUTED EARNINGS PER UNIT | |||||||
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 | |||
Diluted weighted-average number of units outstanding: | |||||||
Distribution-bearing common units (in units) | 2,144.7 | 2,085.1 | 2,135.5 | 2,059.3 | |||
Phantom units (in units) | [1] | 9.6 | 8.1 | 9.2 | 7.5 | ||
Total (in units) | 2,154.3 | 2,093.2 | 2,144.7 | 2,066.8 | |||
Diluted earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 | |||
|
Equity-Based Awards (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 25.1 | $ 21.8 | $ 50.1 | $ 44.2 |
Phantom Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 23.5 | 19.3 | 46.3 | 38.7 |
Restricted Common Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 0.0 | 0.7 | 0.5 | 2.9 |
Profits Interest Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 1.6 | 1.6 | 3.1 | 2.3 |
Liability-classified awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 0.0 | $ 0.2 | $ 0.2 | $ 0.3 |
Long-Term Incentive Plan (2008) [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Maximum number of common units that may be issued as awards (in units) | 40,000,000 | 40,000,000 | ||
Incremental number of units to be authorized annually (in units) | 5,000,000 | |||
Maximum number of additional units to be authorized for issuance (in units) | 70,000,000 | |||
Remaining number of common units available to be issued as awards (in units) | 18,947,916 | 18,947,916 |
Equity-Based Awards, Phantom Unit Awards (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||||||
Cash payments made in connection with DERs | $ 7.2 | $ 5.3 | |||||||
Phantom Unit Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting rate of phantom unit awards | 25.00% | 25.00% | |||||||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||||||||
Beginning of period (in units) | 7,767,501 | ||||||||
Granted (in units) | [1] | 4,224,680 | |||||||
Vested (in units) | (2,355,937) | ||||||||
Forfeited (in units) | (107,145) | ||||||||
End of period (in units) | 9,529,099 | 9,529,099 | |||||||
Phantom units outstanding, weighted-average grant date fair value [Roll Forward] | |||||||||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | [2] | $ 27.20 | |||||||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 28.86 | |||||||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 28.32 | |||||||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 27.74 | |||||||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 27.66 | $ 27.66 | ||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||||||
Aggregate grant date fair value | $ 121.9 | ||||||||
Estimated forfeiture rate | 3.80% | ||||||||
Cash payments made in connection with DERs | $ 4.0 | $ 3.3 | $ 7.2 | 5.3 | |||||
Total intrinsic value of phantom unit awards that vested during period | 3.1 | $ 0.8 | 66.3 | $ 37.1 | |||||
Unrecognized Compensation Expense [Abstract] | |||||||||
Unrecognized compensation cost | 142.0 | $ 142.0 | |||||||
Recognition period for total unrecognized compensation cost | 2 years 2 months 12 days | ||||||||
Phantom Unit Awards [Member] | Minimum [Member] | |||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||||||
Grant date market price of common units (in dollars per unit) | $ 26.40 | ||||||||
Phantom Unit Awards [Member] | Maximum [Member] | |||||||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||||||
Grant date market price of common units (in dollars per unit) | $ 28.87 | ||||||||
Phantom Unit Awards [Member] | Enterprise [Member] | |||||||||
Unrecognized Compensation Expense [Abstract] | |||||||||
Unrecognized compensation cost | $ 122.5 | $ 122.5 | |||||||
|
Equity-Based Awards, Restricted Unit Awards (Details) - Restricted Common Unit Awards [Member] - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rate of restricted common unit awards | 25.00% | 25.00% | |||||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||||||
Beginning of period (in units) | 682,294 | ||||||
Vested (in units) | (668,470) | ||||||
Forfeited (in units) | (1,250) | ||||||
End of period (in units) | 12,574 | 12,574 | |||||
Restricted units outstanding, weighted-average grant date fair value [Roll Forward] | |||||||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | [1] | $ 28.61 | |||||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [1] | 28.56 | |||||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [1] | 31.07 | |||||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [1] | $ 30.92 | $ 30.92 | ||||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||||
Cash distributions paid to restricted common unitholders | $ 0.0 | $ 0.3 | $ 0.3 | $ 1.1 | |||
Total intrinsic value of our restricted common unit awards that vested during period | $ 0.1 | $ 0.5 | $ 18.6 | $ 27.3 | |||
|
Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ / shares in Units, $ in Millions |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
$ / shares
shares
| ||||||||||
EPD PubCo I [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common units owned by Employee Partnership (in units) | shares | 2,723,052 | |||||||||
Class A capital base | $ 63.7 | [1] | ||||||||
Class A partner preference return | $ / shares | $ 0.39 | [2] | ||||||||
Expected liquidation date | Feb. 01, 2020 | |||||||||
Estimated grant date fair value of profits interest awards | $ 13.2 | [3] | ||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||||
Unrecognized compensation cost | $ 8.8 | [4] | ||||||||
Recognition period for total unrecognized compensation cost | 2 years 7 months 6 days | |||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Expected Life of Award | 4 years | |||||||||
EPD PubCo I [Member] | Minimum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 0.90% | |||||||||
Expected Distribution Yield | 6.20% | |||||||||
Expected Unit Price Volatility | 29.00% | |||||||||
EPD PubCo I [Member] | Maximum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 1.10% | |||||||||
Expected Distribution Yield | 6.80% | |||||||||
Expected Unit Price Volatility | 40.00% | |||||||||
EPD PubCo II [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common units owned by Employee Partnership (in units) | shares | 2,834,198 | |||||||||
Class A capital base | $ 66.3 | [1] | ||||||||
Class A partner preference return | $ / shares | $ 0.39 | [2] | ||||||||
Expected liquidation date | Feb. 01, 2021 | |||||||||
Estimated grant date fair value of profits interest awards | $ 14.7 | [3] | ||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||||
Unrecognized compensation cost | $ 10.8 | [4] | ||||||||
Recognition period for total unrecognized compensation cost | 3 years 7 months 6 days | |||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Expected Life of Award | 5 years | |||||||||
EPD PubCo II [Member] | Minimum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 1.10% | |||||||||
Expected Distribution Yield | 6.10% | |||||||||
Expected Unit Price Volatility | 27.00% | |||||||||
EPD PubCo II [Member] | Maximum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 1.70% | |||||||||
Expected Distribution Yield | 6.80% | |||||||||
Expected Unit Price Volatility | 40.00% | |||||||||
EPD PubCo III [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common units owned by Employee Partnership (in units) | shares | 105,000 | |||||||||
Class A capital base | $ 2.5 | [1] | ||||||||
Class A partner preference return | $ / shares | $ 0.39 | [2] | ||||||||
Expected liquidation date | Apr. 01, 2020 | |||||||||
Estimated grant date fair value of profits interest awards | $ 0.6 | [3] | ||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||||
Unrecognized compensation cost | $ 0.2 | [4] | ||||||||
Recognition period for total unrecognized compensation cost | 2 years 9 months 18 days | |||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Expected Life of Award | 4 years | |||||||||
EPD PubCo III [Member] | Minimum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 1.00% | |||||||||
Expected Distribution Yield | 6.10% | |||||||||
Expected Unit Price Volatility | 31.00% | |||||||||
EPD PubCo III [Member] | Maximum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 1.40% | |||||||||
Expected Distribution Yield | 6.20% | |||||||||
Expected Unit Price Volatility | 40.00% | |||||||||
EPD PrivCo I [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common units owned by Employee Partnership (in units) | shares | 1,111,438 | |||||||||
Class A capital base | $ 26.0 | [1] | ||||||||
Class A partner preference return | $ / shares | $ 0.39 | [2] | ||||||||
Expected liquidation date | Feb. 01, 2021 | |||||||||
Estimated grant date fair value of profits interest awards | $ 5.8 | [3] | ||||||||
Unrecognized Compensation Expense [Abstract] | ||||||||||
Unrecognized compensation cost | $ 0.9 | [4] | ||||||||
Recognition period for total unrecognized compensation cost | 3 years 7 months 6 days | |||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Expected Life of Award | 5 years | |||||||||
EPD PrivCo I [Member] | Minimum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 1.20% | |||||||||
Expected Distribution Yield | 6.10% | |||||||||
Expected Unit Price Volatility | 28.00% | |||||||||
EPD PrivCo I [Member] | Maximum [Member] | ||||||||||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||||||||||
Risk-Free Interest Rate | 1.60% | |||||||||
Expected Distribution Yield | 6.70% | |||||||||
Expected Unit Price Volatility | 40.00% | |||||||||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
Contract
bbl
Bcf
| ||||||||||
Interest Rate Swaps Hedging Senior Notes OO [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of Derivatives Outstanding | Contract | 10 | |||||||||
Type of Derivatives Outstanding | fixed-to-floating swaps | |||||||||
Notional Amount | $ | $ 750.0 | |||||||||
Period of Hedge | 5/2015 to 5/2018 | |||||||||
Rate Swap, fixed rate | 1.65% | |||||||||
Rate Swap, floating rate | 1.66% | |||||||||
Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of Derivatives Outstanding | Contract | 4 | |||||||||
Type of Derivatives Outstanding | forward starting swaps | |||||||||
Notional Amount | $ | $ 275.0 | |||||||||
Expected Termination Date | May 01, 2018 | |||||||||
Average Rate Locked | 2.02% | |||||||||
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | Bcf | 16.4 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 2.3 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | Natural gas marketing: Forecasted purchases of natural gas for fuel [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | Bcf | 3.0 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | Bcf | 3.5 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 70.4 | [1],[2] | ||||||||
Long Term Volume | 0.1 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 85.3 | [1],[2] | ||||||||
Long Term Volume | 0.9 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 1.4 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted sales of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 0.1 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | Refined products marketing: Refined products inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 4.8 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 7.6 | [1],[2] | ||||||||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 12.7 | [1],[2] | ||||||||
Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | Bcf | 169.2 | [1],[2],[3],[4] | ||||||||
Long Term Volume | Bcf | 20.4 | [1],[2],[3],[4] | ||||||||
Current natural gas hedging volumes designated as an index plus or minus a discount | Bcf | 61.0 | |||||||||
Long-term natural gas hedging volumes designated as an index plus or minus a discount | Bcf | 9.3 | |||||||||
Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 9.7 | [1],[2],[4] | ||||||||
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Current Volume | 35.3 | [1],[2],[4] | ||||||||
Long Term Volume | 17.5 | [1],[2],[4] | ||||||||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 31.7 | $ 36.5 |
Liability Derivatives | 1.6 | 1.1 |
Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 40.9 | 541.4 |
Liability Derivatives | 48.9 | 739.4 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 67.0 | 535.7 |
Liability Derivatives | 38.6 | 663.1 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 31.7 | 36.5 |
Liability Derivatives | 1.6 | 1.1 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 31.7 | 0.3 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.0 | 36.2 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1.6 | 0.2 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.0 | 0.9 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 35.3 | 499.2 |
Liability Derivatives | 37.0 | 662.0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 35.2 | 499.2 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.1 | 0.0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 37.0 | 662.0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.0 | 0.0 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5.6 | 42.2 |
Liability Derivatives | 11.9 | 77.4 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3.1 | 41.9 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.5 | 0.3 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 10.3 | 75.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1.6 | $ 1.8 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Interest rate derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 31.7 | $ 36.5 |
Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
Amounts of Assets Presented in the Balance Sheet | 31.7 | 36.5 |
Financial Instruments | (0.5) | (0.2) |
Cash Collateral Received | 0.0 | 0.0 |
Cash Collateral Paid | 0.0 | 0.0 |
Amounts That Would Have Been Presented On Net Basis | 31.2 | 36.3 |
Commodity Derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 40.9 | 541.4 |
Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
Amounts of Assets Presented in the Balance Sheet | 40.9 | 541.4 |
Financial Instruments | (40.2) | (526.8) |
Cash Collateral Received | 0.0 | 0.0 |
Cash Collateral Paid | 0.0 | 0.0 |
Amounts That Would Have Been Presented On Net Basis | $ 0.7 | $ 14.6 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Interest rate derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 1.6 | $ 1.1 |
Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
Amounts of Liabilities Presented in the Balance Sheet | 1.6 | 1.1 |
Financial Instruments | (0.5) | (0.2) |
Cash Collateral Received | 0.0 | 0.0 |
Cash Collateral Paid | 0.0 | 0.0 |
Amounts That Would Have Been Presented On Net Basis | 1.1 | 0.9 |
Commodity Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 48.9 | 739.4 |
Gross Amounts Offset in the Balance Sheet | 0.0 | 0.0 |
Amounts of Liabilities Presented in the Balance Sheet | 48.9 | 739.4 |
Financial Instruments | (40.2) | (526.8) |
Cash Collateral Received | 0.0 | 0.0 |
Cash Collateral Paid | (7.7) | (212.4) |
Amounts That Would Have Been Presented On Net Basis | $ 1.0 | $ 0.2 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||
Derivatives in fair value hedging relationships [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) Recognized in Income on Derivative | $ 19.2 | $ (61.8) | $ 37.1 | $ (74.7) | |||
Gain (Loss) Recognized in Income on Hedged Item | (16.6) | 49.7 | (28.1) | 71.5 | |||
Derivatives in fair value hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) Recognized in Income on Derivative | 0.4 | 1.2 | (0.5) | 7.3 | |||
Gain (Loss) Recognized in Income on Hedged Item | (0.3) | (1.3) | 0.6 | (7.5) | |||
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) on Fair Value Hedge Ineffectiveness | (0.8) | ||||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness | 9.7 | ||||||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 8.9 | ||||||
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) Recognized in Income on Derivative | 18.8 | (63.0) | 37.6 | (82.0) | |||
Gain (Loss) Recognized in Income on Hedged Item | (16.3) | 51.0 | (28.7) | 79.0 | |||
Derivatives in cash flow hedging relationships [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | 23.5 | (83.1) | 170.7 | (84.3) | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 36.0 | (44.6) | 19.3 | 3.4 | |||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | (0.1) | 0.0 | (1.1) | 0.0 | |||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | (6.9) | (9.4) | (4.5) | (9.4) | |||
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | (41.3) | (41.3) | |||||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | (10.0) | (9.2) | (19.6) | (18.4) | |||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months | 52.4 | 52.4 | |||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 52.6 | 52.6 | |||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | (0.2) | (0.2) | |||||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | [1] | 31.4 | (80.5) | 179.0 | (77.2) | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 46.0 | (34.2) | 38.5 | 24.6 | |||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | [1] | (1.0) | 6.8 | (3.8) | 2.3 | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 0.0 | (1.2) | 0.4 | (2.8) | |||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | (0.1) | 0.0 | (1.1) | 0.0 | |||
Derivatives not designated as hedging instruments [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) Recognized in Income on Derivative | 17.9 | (45.4) | 38.1 | (46.6) | |||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) Recognized in Income on Derivative | 18.7 | (45.3) | 34.4 | (46.6) | |||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (Loss) Recognized in Income on Derivative | $ (0.8) | $ (0.1) | $ 3.7 | $ 0.0 | |||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|||
Total gains (losses) included in: | |||||||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | $ 43.9 | $ (68.3) | |||||||
Fair Value, Measurements, Recurring [Member] | |||||||||
Financial assets [Abstract] | |||||||||
Interest rate derivatives | $ 31.7 | 31.7 | $ 36.5 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 177.9 | 177.9 | |||||||
Impact of CME Rule 814 change | (137.0) | (137.0) | |||||||
Total commodity derivatives | 40.9 | 40.9 | 541.4 | ||||||
Total | 72.6 | 72.6 | 577.9 | ||||||
Financial liabilities [Abstract] | |||||||||
Liquidity option agreement | 293.7 | 293.7 | 269.6 | ||||||
Interest rate derivatives | 1.6 | 1.6 | 1.1 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 144.3 | 144.3 | |||||||
Impact of CME Rule 814 change | (95.4) | (95.4) | |||||||
Total commodity derivatives | 48.9 | 48.9 | 739.4 | ||||||
Total | 344.2 | 344.2 | 1,010.1 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||||||
Financial assets [Abstract] | |||||||||
Interest rate derivatives | 0.0 | 0.0 | 0.0 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 29.5 | 29.5 | |||||||
Impact of CME Rule 814 change | (29.5) | (29.5) | |||||||
Total commodity derivatives | 0.0 | 0.0 | 84.5 | ||||||
Total | 0.0 | 0.0 | 84.5 | ||||||
Financial liabilities [Abstract] | |||||||||
Liquidity option agreement | 0.0 | 0.0 | 0.0 | ||||||
Interest rate derivatives | 0.0 | 0.0 | 0.0 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 9.8 | 9.8 | |||||||
Impact of CME Rule 814 change | (9.8) | (9.8) | |||||||
Total commodity derivatives | 0.0 | 0.0 | 136.8 | ||||||
Total | 0.0 | 0.0 | 136.8 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||||||
Financial assets [Abstract] | |||||||||
Interest rate derivatives | 31.7 | 31.7 | 36.5 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 147.9 | 147.9 | |||||||
Impact of CME Rule 814 change | (107.5) | (107.5) | |||||||
Total commodity derivatives | 40.4 | 40.4 | 455.2 | ||||||
Total | 72.1 | 72.1 | 491.7 | ||||||
Financial liabilities [Abstract] | |||||||||
Liquidity option agreement | 0.0 | 0.0 | 0.0 | ||||||
Interest rate derivatives | 1.6 | 1.6 | 1.1 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 134.2 | 134.2 | |||||||
Impact of CME Rule 814 change | (85.6) | (85.6) | |||||||
Total commodity derivatives | 48.6 | 48.6 | 602.3 | ||||||
Total | 50.2 | 50.2 | 603.4 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||||
Financial assets [Abstract] | |||||||||
Interest rate derivatives | 0.0 | 0.0 | 0.0 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 0.5 | 0.5 | |||||||
Impact of CME Rule 814 change | 0.0 | 0.0 | |||||||
Total commodity derivatives | 0.5 | 0.5 | 1.7 | ||||||
Total | 0.5 | 0.5 | 1.7 | ||||||
Financial liabilities [Abstract] | |||||||||
Liquidity option agreement | 293.7 | 293.7 | 269.6 | ||||||
Interest rate derivatives | 0.0 | 0.0 | 0.0 | ||||||
Commodity derivatives: | |||||||||
Value before application of CME Rule 814 | 0.3 | 0.3 | |||||||
Impact of CME Rule 814 change | 0.0 | 0.0 | |||||||
Total commodity derivatives | 0.3 | 0.3 | 0.3 | ||||||
Total | 294.0 | 294.0 | $ 269.9 | ||||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | |||||||||
Financial liability balance, net, beginning of period | (274.4) | $ (268.2) | $ (242.3) | $ (246.7) | (268.2) | (246.7) | |||
Total gains (losses) included in: | |||||||||
Transfers out of Level 3 | 0.0 | 0.0 | 0.0 | 0.1 | |||||
Financial liability balance, net, end of period | (293.5) | (274.4) | (263.7) | (242.3) | (293.5) | (263.7) | |||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | (0.7) | (0.1) | $ (1.3) | $ 0.5 | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Revenue [Member] | |||||||||
Total gains (losses) included in: | |||||||||
Net income | [1] | 0.1 | 0.7 | 0.0 | 0.7 | ||||
Settlements | (0.7) | (1.4) | (0.1) | (0.1) | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Expense [Member] | |||||||||
Total gains (losses) included in: | |||||||||
Net income | (18.6) | (5.5) | (23.3) | 2.2 | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Comprehensive Income (Loss) [Member] | |||||||||
Total gains (losses) included in: | |||||||||
Other comprehensive income | $ 0.1 | $ 0.0 | $ 2.0 | $ 1.5 | |||||
|
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017
USD ($)
$ / bbl
$ / gal
|
Dec. 31, 2016
USD ($)
|
|
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Input description | Forward commodity prices | |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 44.84 | |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 47.60 | |
Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Input description | Forward commodity prices | |
Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.26 | |
Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.32 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | $ 40.9 | $ 541.4 |
Commodity liability derivatives | 48.9 | 739.4 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 0.5 | 1.7 |
Commodity liability derivatives | 0.3 | $ 0.3 |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 0.2 | |
Fair Value, Measurements, Recurring [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Crude oil [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Asset Commodity derivatives - Ethane [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | $ 0.2 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Asset Impairment Charges [Abstract] | ||||
Asset impairment and related charges | $ 25.2 | $ 22.3 | ||
Loss due to Pascagoula fire | 7.1 | |||
Impairment of other current assets | 11.7 | 1.2 | ||
Impairment of long-lived assets disposed of other than by sale | 0.9 | 4.5 | ||
Impairment of long-lived assets held and used | 3.1 | |||
Impairment of long-lived assets held for sale | 9.5 | 9.5 | ||
Impairment of long-lived assets | $ 13.1 | $ 13.4 | 13.5 | 14.0 |
NGL Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 2.8 | 2.1 | 3.0 | 2.4 |
Crude Oil Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 0.6 | 0.7 | 0.6 | 0.9 |
Natural Gas Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 9.7 | 9.7 | 9.9 | 9.7 |
Petrochemical & Refined Products Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 0.0 | 0.9 | 0.0 | 1.0 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 1.4 | 1.4 | ||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 1.2 | 1.5 | 1.2 | 1.5 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 0.0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 0.0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 1.5 | 0.0 | 1.5 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 1.4 | 1.4 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | $ 1.2 | $ 0.0 | $ 1.2 | $ 0.0 |
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 20,580 | $ 20,850 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 22,250 | $ 21,950 |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jul. 11, 2017 |
Dec. 31, 2016 |
|
Revenues - related parties: | ||||||
Total revenue - related parties | $ 9.9 | $ 13.2 | $ 20.7 | $ 28.8 | ||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 302.3 | 298.8 | 583.6 | 609.0 | ||
Accounts receivable - related parties: | ||||||
Total accounts receivable - related parties | 3.0 | 3.0 | $ 1.1 | |||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | 62.9 | 62.9 | 105.1 | |||
Related Party Transactions [Abstract] | ||||||
Operating costs and expenses | 272.6 | 270.3 | 524.2 | 550.9 | ||
General and administrative expenses | 29.7 | 28.5 | 59.4 | 58.1 | ||
EPCO and its privately held affiliates [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 247.4 | 241.4 | 490.5 | 478.7 | ||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | $ 51.2 | 51.2 | 88.9 | |||
Distributions: | ||||||
Total cash distributions | $ 553.7 | 525.2 | ||||
Relationship with Affiliates [Abstract] | ||||||
Total Number of Units (in units) | 685,508,319 | 685,508,319 | ||||
Percentage of Total Units Outstanding | 32.00% | 32.00% | ||||
Enterprise common units pledged as security (in units) | 118,000,000 | 118,000,000 | 85,000,000 | |||
EPCO and its privately held affiliates [Member] | Administrative Services Agreement [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | $ 243.0 | 236.9 | $ 481.4 | 469.6 | ||
Related Party Transactions [Abstract] | ||||||
Operating costs and expenses | 215.9 | 210.6 | 427.5 | 416.0 | ||
General and administrative expenses | 27.1 | 26.3 | 53.9 | 53.6 | ||
Unconsolidated affiliates [Member] | ||||||
Revenues - related parties: | ||||||
Total revenue - related parties | 9.9 | 13.2 | 20.7 | 28.8 | ||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 54.9 | $ 57.4 | 93.1 | $ 130.3 | ||
Accounts receivable - related parties: | ||||||
Total accounts receivable - related parties | 3.0 | 3.0 | 1.1 | |||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | $ 11.7 | $ 11.7 | $ 16.2 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Operating lease obligations: | |||||
Lease and rental expense included in costs and expenses | $ 25.9 | $ 26.3 | $ 52.1 | $ 54.8 | |
Litigation matters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation accruals on an undiscounted basis | $ 7.1 | 7.1 | $ 0.3 | ||
Litigation matters [Member] | ETP Lawsuit [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, damages awarded | 319.4 | ||||
Loss contingency, total damages sought | 535.8 | ||||
Loss contingency, disgorgement damages sought | 150.0 | ||||
Prejudgment interest | $ 66.4 | ||||
Post-judgment interest rate | 5.00% | ||||
Positive Outcome of Litigation [Member] | |||||
Gain Contingencies [Line Items] | |||||
Counterclaim settlement awarded | $ 0.8 |
Commitments and Contingencies, Liquidity Option Agreement (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Liquidity Option Agreement [Abstract] | |||||
Liquidity option agreement | $ 293.7 | $ 293.7 | $ 269.6 | ||
Change in fair value of Liquidity Option Agreement | $ 18.6 | $ 23.3 | $ 24.1 | $ 21.1 | |
Percentage of capital stock we agreed to purchase under liquidity option agreement | 100.00% | ||||
Liquidity Option exercise period | 90 days | ||||
Number of units held by limited partner | 54,807,352 | 54,807,352 | |||
Liquidity Option Agreement [Member] | |||||
Liquidity Option Agreement [Abstract] | |||||
Fair value inputs, Assumed long-term debt | $ 2,200.0 | ||||
Fair value inputs, Interest rate on assumed debt of OTA following option exercise | 4.50% | ||||
Increase in fair value of liquidity option agreement excluding assumption of debt | $ 224.6 | $ 224.6 | |||
Fair value inputs, Life of debt assumed after Liquidity option is exercised | 30 years | ||||
Fair value inputs, federal and state tax rate | 38.00% | ||||
Cash flow projections discount rate | 7.60% | ||||
Fair value inputs, weighted-average expected ownership percentage of contributed units at beginning of option period | 87.00% | ||||
Increase in fair value of liquidity option agreement assuming retention of all units | $ 45.1 | $ 45.1 | |||
Liquidity Option Agreement [Member] | Minimum [Member] | |||||
Liquidity Option Agreement [Abstract] | |||||
Fair value inputs, Expected life of OTA following option exercise | 1 year | ||||
Fair value inputs, Estimated growth rates in Enterprise earnings before interest, taxes, depreciation and amortization | 0.10% | ||||
Fair value inputs, OTA ownership interest in Enterprise common units | 1.90% | ||||
Liquidity Option Agreement [Member] | Maximum [Member] | |||||
Liquidity Option Agreement [Abstract] | |||||
Fair value inputs, Expected life of OTA following option exercise | 30 years | ||||
Fair value inputs, Estimated growth rates in Enterprise earnings before interest, taxes, depreciation and amortization | 13.60% | ||||
Fair value inputs, OTA ownership interest in Enterprise common units | 2.50% |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Decrease (increase) in: | |||
Accounts receivable - trade | $ 602.7 | $ (481.8) | |
Accounts receivable - related parties | (1.9) | (0.6) | |
Inventories | 234.3 | (618.7) | |
Prepaid and other current assets | 213.7 | (51.3) | |
Other assets | (64.2) | 0.5 | |
Increase (decrease) in: | |||
Accounts payable - trade | 46.6 | (7.0) | |
Accounts payable - related parties | (8.4) | (5.3) | |
Accrued product payables | (694.2) | 790.3 | |
Accrued interest | (0.8) | (1.2) | |
Other current liabilities | (252.4) | 74.6 | |
Other liabilities | 6.7 | 5.9 | |
Net effect of changes in operating accounts | 82.1 | $ (294.6) | |
Liability for construction in progress expenditures | $ 338.1 | $ 124.3 |
Condensed Consolidating Financial Information, Balance Sheet (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents and restricted cash | $ 64.0 | $ 417.6 | ||
Accounts receivable - trade, net | 2,655.7 | 3,329.5 | ||
Accounts receivable - related parties | 3.0 | 1.1 | ||
Inventories | 1,604.3 | 1,770.5 | ||
Derivative assets | 70.0 | 541.4 | ||
Prepaid and other current assets | 387.5 | 468.1 | ||
Total current assets | 4,784.5 | 6,528.2 | ||
Property, plant and equipment, net | 34,220.7 | 33,292.5 | ||
Investments in unconsolidated affiliates | 2,661.3 | 2,677.3 | ||
Intangible assets, net | 3,782.4 | 3,864.1 | ||
Goodwill | 5,745.2 | 5,745.2 | ||
Other assets | 119.2 | 86.7 | ||
Total assets | 51,313.3 | 52,194.0 | ||
Current liabilities: | ||||
Current maturities of debt | 3,354.8 | 2,576.8 | ||
Accounts payable - trade | 674.4 | 397.7 | ||
Accounts payable - related parties | 62.9 | 105.1 | ||
Accrued product payables | 2,951.1 | 3,613.7 | ||
Accrued interest | 339.9 | 340.8 | ||
Derivative liabilities | 48.9 | 737.7 | ||
Other current liabilities | 386.6 | 478.7 | ||
Total current liabilities | 7,818.6 | 8,250.5 | ||
Long-term debt | 20,026.5 | 21,120.9 | ||
Deferred tax liabilities | 53.4 | 52.7 | ||
Other long-term liabilities | 534.6 | 503.9 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,660.1 | 22,047.0 | ||
Noncontrolling interests | 220.1 | 219.0 | ||
Total equity | 22,880.2 | 22,266.0 | $ 21,945.9 | $ 20,501.1 |
Total liabilities and equity | 51,313.3 | 52,194.0 | ||
Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 0.0 | 0.0 | ||
Accounts receivable - trade, net | 0.0 | 0.0 | ||
Accounts receivable - related parties | (8.3) | (1.1) | ||
Inventories | 0.0 | 0.0 | ||
Derivative assets | 0.0 | 0.0 | ||
Prepaid and other current assets | 0.0 | 0.0 | ||
Total current assets | (8.3) | (1.1) | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Investments in unconsolidated affiliates | (22,961.0) | (22,317.1) | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | 0.0 | 0.0 | ||
Total assets | (22,969.3) | (22,318.2) | ||
Current liabilities: | ||||
Current maturities of debt | 0.0 | 0.0 | ||
Accounts payable - trade | 0.0 | 0.0 | ||
Accounts payable - related parties | (8.3) | (1.1) | ||
Accrued product payables | 0.0 | 0.0 | ||
Accrued interest | 0.0 | 0.0 | ||
Derivative liabilities | 0.0 | 0.0 | ||
Other current liabilities | 1.0 | 0.7 | ||
Total current liabilities | (7.3) | (0.4) | ||
Long-term debt | 0.0 | 0.0 | ||
Deferred tax liabilities | 3.7 | 3.7 | ||
Other long-term liabilities | 0.0 | 0.0 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | (22,935.9) | (22,291.8) | ||
Noncontrolling interests | (29.8) | (29.7) | ||
Total equity | (22,965.7) | (22,321.5) | ||
Total liabilities and equity | (22,969.3) | (22,318.2) | ||
Subsidiary Issuer (EPO) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 38.6 | 366.2 | ||
Accounts receivable - trade, net | 948.1 | 1,499.4 | ||
Accounts receivable - related parties | 117.9 | 131.5 | ||
Inventories | 1,240.6 | 1,357.5 | ||
Derivative assets | 68.1 | 464.8 | ||
Prepaid and other current assets | 210.7 | 290.7 | ||
Total current assets | 2,624.0 | 4,110.1 | ||
Property, plant and equipment, net | 5,212.8 | 4,796.5 | ||
Investments in unconsolidated affiliates | 40,195.5 | 39,995.5 | ||
Intangible assets, net | 692.2 | 700.2 | ||
Goodwill | 459.5 | 459.5 | ||
Other assets | 245.9 | 222.6 | ||
Total assets | 49,429.9 | 50,284.4 | ||
Current liabilities: | ||||
Current maturities of debt | 3,354.4 | 2,576.7 | ||
Accounts payable - trade | 307.6 | 133.1 | ||
Accounts payable - related parties | 845.1 | 1,071.5 | ||
Accrued product payables | 1,466.3 | 1,944.5 | ||
Accrued interest | 339.8 | 340.7 | ||
Derivative liabilities | 43.7 | 590.3 | ||
Other current liabilities | 83.5 | 173.5 | ||
Total current liabilities | 6,440.4 | 6,830.3 | ||
Long-term debt | 20,011.7 | 21,105.7 | ||
Deferred tax liabilities | 4.7 | 5.0 | ||
Other long-term liabilities | 57.1 | 13.5 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,916.0 | 22,329.9 | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total equity | 22,916.0 | 22,329.9 | ||
Total liabilities and equity | 49,429.9 | 50,284.4 | ||
Other Subsidiaries (Non-guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 33.4 | 58.9 | ||
Accounts receivable - trade, net | 1,707.7 | 1,830.3 | ||
Accounts receivable - related parties | 756.6 | 961.4 | ||
Inventories | 364.1 | 413.5 | ||
Derivative assets | 1.9 | 76.6 | ||
Prepaid and other current assets | 203.5 | 191.1 | ||
Total current assets | 3,067.2 | 3,531.8 | ||
Property, plant and equipment, net | 29,006.3 | 28,495.7 | ||
Investments in unconsolidated affiliates | 4,207.4 | 4,227.9 | ||
Intangible assets, net | 3,104.3 | 3,178.2 | ||
Goodwill | 5,285.7 | 5,285.7 | ||
Other assets | 83.7 | 41.0 | ||
Total assets | 44,754.6 | 44,760.3 | ||
Current liabilities: | ||||
Current maturities of debt | 0.4 | 0.1 | ||
Accounts payable - trade | 374.7 | 272.1 | ||
Accounts payable - related parties | 96.8 | 139.6 | ||
Accrued product payables | 1,486.5 | 1,670.3 | ||
Accrued interest | 0.1 | 0.1 | ||
Derivative liabilities | 5.2 | 147.4 | ||
Other current liabilities | 325.9 | 316.5 | ||
Total current liabilities | 2,289.6 | 2,546.1 | ||
Long-term debt | 14.8 | 15.2 | ||
Deferred tax liabilities | 45.5 | 45.1 | ||
Other long-term liabilities | 397.1 | 400.6 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 41,930.9 | 41,675.3 | ||
Noncontrolling interests | 76.7 | 78.0 | ||
Total equity | 42,007.6 | 41,753.3 | ||
Total liabilities and equity | 44,754.6 | 44,760.3 | ||
Consolidated EPO and Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 64.0 | 417.6 | ||
Accounts receivable - trade, net | 2,655.7 | 3,329.5 | ||
Accounts receivable - related parties | 11.3 | 2.2 | ||
Inventories | 1,604.3 | 1,770.5 | ||
Derivative assets | 70.0 | 541.4 | ||
Prepaid and other current assets | 387.0 | 468.1 | ||
Total current assets | 4,792.3 | 6,529.3 | ||
Property, plant and equipment, net | 34,220.7 | 33,292.5 | ||
Investments in unconsolidated affiliates | 2,661.3 | 2,677.3 | ||
Intangible assets, net | 3,782.4 | 3,864.1 | ||
Goodwill | 5,745.2 | 5,745.2 | ||
Other assets | 118.6 | 86.1 | ||
Total assets | 51,320.5 | 52,194.5 | ||
Current liabilities: | ||||
Current maturities of debt | 3,354.8 | 2,576.8 | ||
Accounts payable - trade | 674.4 | 397.7 | ||
Accounts payable - related parties | 62.9 | 105.1 | ||
Accrued product payables | 2,951.1 | 3,613.7 | ||
Accrued interest | 339.9 | 340.8 | ||
Derivative liabilities | 48.9 | 737.7 | ||
Other current liabilities | 385.6 | 478.0 | ||
Total current liabilities | 7,817.6 | 8,249.8 | ||
Long-term debt | 20,026.5 | 21,120.9 | ||
Deferred tax liabilities | 49.7 | 49.0 | ||
Other long-term liabilities | 240.9 | 234.3 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,935.9 | 22,291.8 | ||
Noncontrolling interests | 249.9 | 248.7 | ||
Total equity | 23,185.8 | 22,540.5 | ||
Total liabilities and equity | 51,320.5 | 52,194.5 | ||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | (8.0) | (7.5) | ||
Accounts receivable - trade, net | (0.1) | (0.2) | ||
Accounts receivable - related parties | (863.2) | (1,090.7) | ||
Inventories | (0.4) | (0.5) | ||
Derivative assets | 0.0 | 0.0 | ||
Prepaid and other current assets | (27.2) | (13.7) | ||
Total current assets | (898.9) | (1,112.6) | ||
Property, plant and equipment, net | 1.6 | 0.3 | ||
Investments in unconsolidated affiliates | (41,741.6) | (41,546.1) | ||
Intangible assets, net | (14.1) | (14.3) | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | (211.0) | (177.5) | ||
Total assets | (42,864.0) | (42,850.2) | ||
Current liabilities: | ||||
Current maturities of debt | 0.0 | 0.0 | ||
Accounts payable - trade | (7.9) | (7.5) | ||
Accounts payable - related parties | (879.0) | (1,106.0) | ||
Accrued product payables | (1.7) | (1.1) | ||
Accrued interest | 0.0 | 0.0 | ||
Derivative liabilities | 0.0 | 0.0 | ||
Other current liabilities | (23.8) | (12.0) | ||
Total current liabilities | (912.4) | (1,126.6) | ||
Long-term debt | 0.0 | 0.0 | ||
Deferred tax liabilities | (0.5) | (1.1) | ||
Other long-term liabilities | (213.3) | (179.8) | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | (41,911.0) | (41,713.4) | ||
Noncontrolling interests | 173.2 | 170.7 | ||
Total equity | (41,737.8) | (41,542.7) | ||
Total liabilities and equity | (42,864.0) | (42,850.2) | ||
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 0.0 | 0.0 | ||
Accounts receivable - trade, net | 0.0 | 0.0 | ||
Accounts receivable - related parties | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | ||
Derivative assets | 0.0 | 0.0 | ||
Prepaid and other current assets | 0.5 | 0.0 | ||
Total current assets | 0.5 | 0.0 | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Investments in unconsolidated affiliates | 22,961.0 | 22,317.1 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | 0.6 | 0.6 | ||
Total assets | 22,962.1 | 22,317.7 | ||
Current liabilities: | ||||
Current maturities of debt | 0.0 | 0.0 | ||
Accounts payable - trade | 0.0 | 0.0 | ||
Accounts payable - related parties | 8.3 | 1.1 | ||
Accrued product payables | 0.0 | 0.0 | ||
Accrued interest | 0.0 | 0.0 | ||
Derivative liabilities | 0.0 | 0.0 | ||
Other current liabilities | 0.0 | 0.0 | ||
Total current liabilities | 8.3 | 1.1 | ||
Long-term debt | 0.0 | 0.0 | ||
Deferred tax liabilities | 0.0 | 0.0 | ||
Other long-term liabilities | 293.7 | 269.6 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,660.1 | 22,047.0 | ||
Noncontrolling interests | 0.0 | 0.0 | ||
Total equity | 22,660.1 | 22,047.0 | ||
Total liabilities and equity | $ 22,962.1 | $ 22,317.7 |
Condensed Consolidating Financial Information, Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Condensed Consolidating Statement of Operations | ||||
Revenues | $ 6,607.6 | $ 5,617.8 | $ 13,928.0 | $ 10,623.1 |
Costs and expenses: | ||||
Operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
General and administrative costs | 45.7 | 35.1 | 96.1 | 79.0 |
Total costs and expenses | 5,775.9 | 4,857.3 | 12,159.5 | 9,048.1 |
Equity in income of unconsolidated affiliates | 107.0 | 76.4 | 201.8 | 177.5 |
Operating income | 938.7 | 836.9 | 1,970.3 | 1,752.5 |
Other income (expense): | ||||
Interest expense | (245.8) | (244.1) | (495.1) | (484.7) |
Other, net | (18.2) | (22.9) | (23.5) | (19.3) |
Total other expense, net | (264.0) | (267.0) | (518.6) | (504.0) |
Income before income taxes | 674.7 | 569.9 | 1,451.7 | 1,248.5 |
Benefit from (provision for) income taxes | (8.7) | 0.1 | (14.7) | (8.3) |
Net income | 666.0 | 570.0 | 1,437.0 | 1,240.2 |
Net income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Net income attributable to limited partners | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 0.0 | 0.0 | 0.0 | 0.0 |
Costs and expenses: | ||||
Operating costs and expenses | 0.0 | 0.0 | 0.0 | 0.0 |
General and administrative costs | 0.0 | 0.0 | 0.0 | 0.0 |
Total costs and expenses | 0.0 | 0.0 | 0.0 | 0.0 |
Equity in income of unconsolidated affiliates | (673.0) | (582.3) | (1,439.7) | (1,242.4) |
Operating income | (673.0) | (582.3) | (1,439.7) | (1,242.4) |
Other income (expense): | ||||
Interest expense | 0.0 | 0.0 | 0.0 | 0.0 |
Other, net | 0.0 | 0.0 | 0.0 | 0.0 |
Total other expense, net | 0.0 | 0.0 | 0.0 | 0.0 |
Income before income taxes | (673.0) | (582.3) | (1,439.7) | (1,242.4) |
Benefit from (provision for) income taxes | (0.4) | (0.5) | (0.9) | (0.9) |
Net income | (673.4) | (582.8) | (1,440.6) | (1,243.3) |
Net income attributable to noncontrolling interests | 1.3 | 1.4 | 2.6 | 2.6 |
Net income attributable to limited partners | (672.1) | (581.4) | (1,438.0) | (1,240.7) |
Subsidiary Issuer (EPO) [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 8,541.0 | 7,194.2 | 21,073.8 | 12,556.1 |
Costs and expenses: | ||||
Operating costs and expenses | 8,332.1 | 7,002.0 | 20,571.1 | 12,093.2 |
General and administrative costs | 8.1 | 4.1 | 15.5 | 10.1 |
Total costs and expenses | 8,340.2 | 7,006.1 | 20,586.6 | 12,103.3 |
Equity in income of unconsolidated affiliates | 716.1 | 637.3 | 1,444.9 | 1,270.0 |
Operating income | 916.9 | 825.4 | 1,932.1 | 1,722.8 |
Other income (expense): | ||||
Interest expense | (243.8) | (240.5) | (492.6) | (477.6) |
Other, net | 2.3 | 2.1 | 4.5 | 3.9 |
Total other expense, net | (241.5) | (238.4) | (488.1) | (473.7) |
Income before income taxes | 675.4 | 587.0 | 1,444.0 | 1,249.1 |
Benefit from (provision for) income taxes | (3.3) | 0.1 | (6.2) | (2.8) |
Net income | 672.1 | 587.1 | 1,437.8 | 1,246.3 |
Net income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Net income attributable to limited partners | 672.1 | 587.1 | 1,437.8 | 1,246.3 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 4,274.4 | 3,794.2 | 8,582.6 | 7,076.9 |
Costs and expenses: | ||||
Operating costs and expenses | 3,605.9 | 3,190.9 | 7,220.9 | 5,886.0 |
General and administrative costs | 36.9 | 30.5 | 79.6 | 67.3 |
Total costs and expenses | 3,642.8 | 3,221.4 | 7,300.5 | 5,953.3 |
Equity in income of unconsolidated affiliates | 142.3 | 126.4 | 275.7 | 260.0 |
Operating income | 773.9 | 699.2 | 1,557.8 | 1,383.6 |
Other income (expense): | ||||
Interest expense | (4.3) | (5.4) | (7.0) | (10.6) |
Other, net | 0.4 | 0.1 | 0.6 | 1.4 |
Total other expense, net | (3.9) | (5.3) | (6.4) | (9.2) |
Income before income taxes | 770.0 | 693.9 | 1,551.4 | 1,374.4 |
Benefit from (provision for) income taxes | (5.0) | 0.5 | (7.6) | (4.6) |
Net income | 765.0 | 694.4 | 1,543.8 | 1,369.8 |
Net income attributable to noncontrolling interests | (1.6) | (2.3) | (3.3) | (3.6) |
Net income attributable to limited partners | 763.4 | 692.1 | 1,540.5 | 1,366.2 |
Consolidated EPO and Subsidiaries [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 6,607.6 | 5,617.8 | 13,928.0 | 10,623.1 |
Costs and expenses: | ||||
Operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
General and administrative costs | 45.0 | 34.6 | 94.9 | 77.4 |
Total costs and expenses | 5,775.2 | 4,856.8 | 12,158.3 | 9,046.5 |
Equity in income of unconsolidated affiliates | 107.0 | 76.4 | 201.8 | 177.5 |
Operating income | 939.4 | 837.4 | 1,971.5 | 1,754.1 |
Other income (expense): | ||||
Interest expense | (245.8) | (244.1) | (495.1) | (484.7) |
Other, net | 0.4 | 0.4 | 0.6 | 1.8 |
Total other expense, net | (245.4) | (243.7) | (494.5) | (482.9) |
Income before income taxes | 694.0 | 593.7 | 1,477.0 | 1,271.2 |
Benefit from (provision for) income taxes | (8.3) | 0.6 | (13.8) | (7.4) |
Net income | 685.7 | 594.3 | 1,463.2 | 1,263.8 |
Net income attributable to noncontrolling interests | (13.6) | (12.9) | (25.2) | (23.1) |
Net income attributable to limited partners | 672.1 | 581.4 | 1,438.0 | 1,240.7 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | (6,207.8) | (5,370.6) | (15,728.4) | (9,009.9) |
Costs and expenses: | ||||
Operating costs and expenses | (6,207.8) | (5,370.7) | (15,728.6) | (9,010.1) |
General and administrative costs | 0.0 | 0.0 | (0.2) | 0.0 |
Total costs and expenses | (6,207.8) | (5,370.7) | (15,728.8) | (9,010.1) |
Equity in income of unconsolidated affiliates | (751.4) | (687.3) | (1,518.8) | (1,352.5) |
Operating income | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Other income (expense): | ||||
Interest expense | 2.3 | 1.8 | 4.5 | 3.5 |
Other, net | (2.3) | (1.8) | (4.5) | (3.5) |
Total other expense, net | 0.0 | 0.0 | 0.0 | 0.0 |
Income before income taxes | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Benefit from (provision for) income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Net income attributable to noncontrolling interests | (12.0) | (10.6) | (21.9) | (19.5) |
Net income attributable to limited partners | (763.4) | (697.8) | (1,540.3) | (1,371.8) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 0.0 | 0.0 | 0.0 | 0.0 |
Costs and expenses: | ||||
Operating costs and expenses | 0.0 | 0.0 | 0.0 | 0.0 |
General and administrative costs | 0.7 | 0.5 | 1.2 | 1.6 |
Total costs and expenses | 0.7 | 0.5 | 1.2 | 1.6 |
Equity in income of unconsolidated affiliates | 673.0 | 582.3 | 1,439.7 | 1,242.4 |
Operating income | 672.3 | 581.8 | 1,438.5 | 1,240.8 |
Other income (expense): | ||||
Interest expense | 0.0 | 0.0 | 0.0 | 0.0 |
Other, net | (18.6) | (23.3) | (24.1) | (21.1) |
Total other expense, net | (18.6) | (23.3) | (24.1) | (21.1) |
Income before income taxes | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Benefit from (provision for) income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Net income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 |
Condensed Consolidating Financial Information, Statement of Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | $ 653.5 | $ 531.5 | $ 1,588.3 | $ 1,152.4 |
Comprehensive income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Comprehensive income attributable to entity | 641.2 | 520.0 | 1,565.7 | 1,131.9 |
Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (660.8) | (544.2) | (1,591.9) | (1,155.5) |
Comprehensive income attributable to noncontrolling interests | 1.3 | 1.4 | 2.6 | 2.6 |
Comprehensive income attributable to entity | (659.5) | (542.8) | (1,589.3) | (1,152.9) |
Subsidiary Issuer (EPO) [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 661.3 | 519.4 | 1,531.4 | 1,174.6 |
Comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income attributable to entity | 661.3 | 519.4 | 1,531.4 | 1,174.6 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 763.2 | 723.5 | 1,601.5 | 1,353.6 |
Comprehensive income attributable to noncontrolling interests | (1.6) | (2.3) | (3.3) | (3.6) |
Comprehensive income attributable to entity | 761.6 | 721.2 | 1,598.2 | 1,350.0 |
Consolidated EPO and Subsidiaries [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 673.1 | 555.7 | 1,614.5 | 1,176.0 |
Comprehensive income attributable to noncontrolling interests | (13.6) | (12.9) | (25.2) | (23.1) |
Comprehensive income attributable to entity | 659.5 | 542.8 | 1,589.3 | 1,152.9 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (751.4) | (687.2) | (1,518.4) | (1,352.2) |
Comprehensive income attributable to noncontrolling interests | (12.0) | (10.6) | (21.9) | (19.5) |
Comprehensive income attributable to entity | (763.4) | (697.8) | (1,540.3) | (1,371.7) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 641.2 | 520.0 | 1,565.7 | 1,131.9 |
Comprehensive income attributable to noncontrolling interests | 0.0 | 0.0 | 0.0 | 0.0 |
Comprehensive income attributable to entity | $ 641.2 | $ 520.0 | $ 1,565.7 | $ 1,131.9 |
Condensed Consolidating Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Operating activities: | ||||
Net income | $ 666.0 | $ 570.0 | $ 1,437.0 | $ 1,240.2 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 808.8 | 763.4 | ||
Equity in income of unconsolidated affiliates | (107.0) | (76.4) | (201.8) | (177.5) |
Distributions received on earnings from unconsolidated affiliates | 205.1 | 195.1 | ||
Net effect of changes in operating accounts and other operating activities | 85.8 | (176.0) | ||
Net cash flows provided by operating activities | 2,334.9 | 1,845.2 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (1,113.1) | (1,856.8) | ||
Cash used for business combinations, net of cash received | (191.4) | 0.0 | ||
Proceeds from asset sales | 3.2 | 27.9 | ||
Other investing activities | 321.8 | (409.7) | ||
Cash used in investing activities | (979.5) | (2,238.6) | ||
Financing activities: | ||||
Borrowings under debt agreements | 33,307.8 | 33,235.3 | ||
Repayments of debt | (33,639.3) | (32,986.7) | ||
Cash distributions paid to owners | (1,757.8) | (1,610.5) | ||
Cash payments made in connection with DERs | (7.2) | (5.3) | ||
Cash distributions paid to noncontrolling interests | (23.1) | (20.8) | ||
Cash contributions from noncontrolling interests | 0.3 | 16.0 | ||
Net cash proceeds from issuance of common units | 757.2 | 1,888.3 | ||
Cash contributions from owners | 0.0 | 0.0 | ||
Other financing activities | (27.8) | (28.4) | ||
Cash provided by (used in) financing activities | (1,389.9) | 487.9 | ||
Net change in cash and cash equivalents | (34.5) | 94.5 | ||
Cash and cash equivalents, beginning balance | 63.1 | 19.0 | ||
Cash and cash equivalents, ending balance | 28.6 | 113.5 | 28.6 | 113.5 |
Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (673.4) | (582.8) | (1,440.6) | (1,243.3) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0.0 | 0.0 | ||
Equity in income of unconsolidated affiliates | 673.0 | 582.3 | 1,439.7 | 1,242.4 |
Distributions received on earnings from unconsolidated affiliates | (1,753.3) | (1,633.4) | ||
Net effect of changes in operating accounts and other operating activities | 0.4 | 0.6 | ||
Net cash flows provided by operating activities | (1,753.8) | (1,633.7) | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | 0.0 | 0.0 | ||
Cash used for business combinations, net of cash received | 0.0 | |||
Proceeds from asset sales | 0.0 | 0.0 | ||
Other investing activities | 750.9 | 1,881.8 | ||
Cash used in investing activities | 750.9 | 1,881.8 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0.0 | 0.0 | ||
Repayments of debt | 0.0 | 0.0 | ||
Cash distributions paid to owners | 1,753.3 | 1,633.4 | ||
Cash payments made in connection with DERs | 0.0 | 0.0 | ||
Cash distributions paid to noncontrolling interests | 0.5 | 0.3 | ||
Cash contributions from noncontrolling interests | 0.0 | 0.0 | ||
Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
Cash contributions from owners | (750.9) | (1,881.8) | ||
Other financing activities | 0.0 | 0.0 | ||
Cash provided by (used in) financing activities | 1,002.9 | (248.1) | ||
Net change in cash and cash equivalents | 0.0 | 0.0 | ||
Cash and cash equivalents, beginning balance | 0.0 | 0.0 | ||
Cash and cash equivalents, ending balance | 0.0 | 0.0 | 0.0 | 0.0 |
Subsidiary Issuer (EPO) [Member] | ||||
Operating activities: | ||||
Net income | 672.1 | 587.1 | 1,437.8 | 1,246.3 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 103.3 | 84.9 | ||
Equity in income of unconsolidated affiliates | (716.1) | (637.3) | (1,444.9) | (1,270.0) |
Distributions received on earnings from unconsolidated affiliates | 529.3 | 475.9 | ||
Net effect of changes in operating accounts and other operating activities | 1,793.0 | 679.7 | ||
Net cash flows provided by operating activities | 2,418.5 | 1,216.8 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (369.3) | (729.1) | ||
Cash used for business combinations, net of cash received | 0.0 | |||
Proceeds from asset sales | 1.4 | 13.9 | ||
Other investing activities | (759.8) | (945.0) | ||
Cash used in investing activities | (1,127.7) | (1,660.2) | ||
Financing activities: | ||||
Borrowings under debt agreements | 33,307.8 | 33,235.3 | ||
Repayments of debt | (33,605.2) | (32,986.6) | ||
Cash distributions paid to owners | (1,753.3) | (1,633.4) | ||
Cash payments made in connection with DERs | 0.0 | 0.0 | ||
Cash distributions paid to noncontrolling interests | 0.0 | 0.0 | ||
Cash contributions from noncontrolling interests | 0.0 | 0.0 | ||
Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
Cash contributions from owners | 750.9 | 1,881.8 | ||
Other financing activities | 0.7 | (7.2) | ||
Cash provided by (used in) financing activities | (1,299.1) | 489.9 | ||
Net change in cash and cash equivalents | (8.3) | 46.5 | ||
Cash and cash equivalents, beginning balance | 13.4 | 0.0 | ||
Cash and cash equivalents, ending balance | 5.1 | 46.5 | 5.1 | 46.5 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 765.0 | 694.4 | 1,543.8 | 1,369.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 705.7 | 678.7 | ||
Equity in income of unconsolidated affiliates | (142.3) | (126.4) | (275.7) | (260.0) |
Distributions received on earnings from unconsolidated affiliates | 133.7 | 81.5 | ||
Net effect of changes in operating accounts and other operating activities | (1,766.2) | (922.9) | ||
Net cash flows provided by operating activities | 341.3 | 947.1 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (743.8) | (1,127.7) | ||
Cash used for business combinations, net of cash received | (191.4) | |||
Proceeds from asset sales | 1.8 | 14.0 | ||
Other investing activities | (26.7) | (47.5) | ||
Cash used in investing activities | (960.1) | (1,161.2) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0.0 | 32.5 | ||
Repayments of debt | (0.1) | (0.1) | ||
Cash distributions paid to owners | (491.2) | (379.9) | ||
Cash payments made in connection with DERs | 0.0 | 0.0 | ||
Cash distributions paid to noncontrolling interests | (4.7) | (3.5) | ||
Cash contributions from noncontrolling interests | 0.1 | 16.0 | ||
Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
Cash contributions from owners | 1,088.9 | 550.3 | ||
Other financing activities | 0.0 | 0.0 | ||
Cash provided by (used in) financing activities | 593.0 | 215.3 | ||
Net change in cash and cash equivalents | (25.8) | 1.2 | ||
Cash and cash equivalents, beginning balance | 57.2 | 69.6 | ||
Cash and cash equivalents, ending balance | 31.4 | 70.8 | 31.4 | 70.8 |
Consolidated EPO and Subsidiaries [Member] | ||||
Operating activities: | ||||
Net income | 685.7 | 594.3 | 1,463.2 | 1,263.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 808.8 | 763.4 | ||
Equity in income of unconsolidated affiliates | (107.0) | (76.4) | (201.8) | (177.5) |
Distributions received on earnings from unconsolidated affiliates | 205.1 | 195.1 | ||
Net effect of changes in operating accounts and other operating activities | 26.1 | (196.4) | ||
Net cash flows provided by operating activities | 2,301.4 | 1,848.4 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (1,113.1) | (1,856.8) | ||
Cash used for business combinations, net of cash received | (191.4) | |||
Proceeds from asset sales | 3.2 | 27.9 | ||
Other investing activities | 321.8 | (409.7) | ||
Cash used in investing activities | (979.5) | (2,238.6) | ||
Financing activities: | ||||
Borrowings under debt agreements | 33,307.8 | 33,235.3 | ||
Repayments of debt | (33,639.3) | (32,986.7) | ||
Cash distributions paid to owners | (1,753.3) | (1,633.4) | ||
Cash payments made in connection with DERs | 0.0 | 0.0 | ||
Cash distributions paid to noncontrolling interests | (23.6) | (21.1) | ||
Cash contributions from noncontrolling interests | 0.3 | 16.0 | ||
Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
Cash contributions from owners | 750.9 | 1,881.8 | ||
Other financing activities | 0.7 | (7.2) | ||
Cash provided by (used in) financing activities | (1,356.5) | 484.7 | ||
Net change in cash and cash equivalents | (34.6) | 94.5 | ||
Cash and cash equivalents, beginning balance | 63.1 | 19.0 | ||
Cash and cash equivalents, ending balance | 28.5 | 113.5 | 28.5 | 113.5 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | (0.2) | (0.2) | ||
Equity in income of unconsolidated affiliates | 751.4 | 687.3 | 1,518.8 | 1,352.5 |
Distributions received on earnings from unconsolidated affiliates | (457.9) | (362.3) | ||
Net effect of changes in operating accounts and other operating activities | (0.7) | 46.8 | ||
Net cash flows provided by operating activities | (458.4) | (315.5) | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | 0.0 | 0.0 | ||
Cash used for business combinations, net of cash received | 0.0 | |||
Proceeds from asset sales | 0.0 | 0.0 | ||
Other investing activities | 1,108.3 | 582.8 | ||
Cash used in investing activities | 1,108.3 | 582.8 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0.0 | (32.5) | ||
Repayments of debt | (34.0) | 0.0 | ||
Cash distributions paid to owners | 491.2 | 379.9 | ||
Cash payments made in connection with DERs | 0.0 | 0.0 | ||
Cash distributions paid to noncontrolling interests | (18.9) | (17.6) | ||
Cash contributions from noncontrolling interests | 0.2 | 0.0 | ||
Net cash proceeds from issuance of common units | 0.0 | 0.0 | ||
Cash contributions from owners | (1,088.9) | (550.3) | ||
Other financing activities | 0.0 | 0.0 | ||
Cash provided by (used in) financing activities | (650.4) | (220.5) | ||
Net change in cash and cash equivalents | (0.5) | 46.8 | ||
Cash and cash equivalents, beginning balance | (7.5) | (50.6) | ||
Cash and cash equivalents, ending balance | (8.0) | (3.8) | (8.0) | (3.8) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0.0 | 0.0 | ||
Equity in income of unconsolidated affiliates | (673.0) | (582.3) | (1,439.7) | (1,242.4) |
Distributions received on earnings from unconsolidated affiliates | 1,753.3 | 1,633.4 | ||
Net effect of changes in operating accounts and other operating activities | 59.3 | 19.8 | ||
Net cash flows provided by operating activities | 1,787.3 | 1,630.5 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | 0.0 | 0.0 | ||
Cash used for business combinations, net of cash received | 0.0 | |||
Proceeds from asset sales | 0.0 | 0.0 | ||
Other investing activities | (750.9) | (1,881.8) | ||
Cash used in investing activities | (750.9) | (1,881.8) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0.0 | 0.0 | ||
Repayments of debt | 0.0 | 0.0 | ||
Cash distributions paid to owners | (1,757.8) | (1,610.5) | ||
Cash payments made in connection with DERs | (7.2) | (5.3) | ||
Cash distributions paid to noncontrolling interests | 0.0 | 0.0 | ||
Cash contributions from noncontrolling interests | 0.0 | 0.0 | ||
Net cash proceeds from issuance of common units | 757.2 | 1,888.3 | ||
Cash contributions from owners | 0.0 | 0.0 | ||
Other financing activities | (28.5) | (21.2) | ||
Cash provided by (used in) financing activities | (1,036.3) | 251.3 | ||
Net change in cash and cash equivalents | 0.1 | 0.0 | ||
Cash and cash equivalents, beginning balance | 0.0 | 0.0 | ||
Cash and cash equivalents, ending balance | $ 0.1 | $ 0.0 | $ 0.1 | $ 0.0 |
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